By Leo Barraclough Senior International Correspondent Shares in Spanish telco giant Telefonica were trading 4% higher at 4.35 Euros ($4.76) Monday after it confirmed that it is in talks with John Malone’s cable company Liberty Global about the merger of its U.K.
mobile-phone operator O2 with Liberty Global’s Virgin Media, a leading provider of pay-TV, broadband, fixed-line and cell-phone services to British customers.
The merged company would be worth $30 billion, according to Goldman Sachs, and control a market-leading 34% of the U.K. telecoms market, by revenue.
This would threaten the position of current market leader BT, which has a 32% slice of the market. It would also deliver synergies as the companies would be able to make
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