Advertisers Hong Kong conglomerate Hutchison Whampoa began exclusive talks with Telefonica to acquire UK mobile operator O2 at a price of £10.25bn. If concluded, the deal will create a new #1 in

O2's parent Telefonica is in talks with Hutchison Whampoa regarding a potential merger of O2 with Hutchison's much smaller Three. It is also thought to be negotiating separately with satellite broadcaster