EU antitrust regulators block Hutchison’s O2 UK mobile bid

EU antitrust regulators blocked on Wednesday CK Hutchison Holdings’ planned 10.3 billion-pound ($14.9 billion) acquisition of O2 from Spain’s Telefonica, saying the deal would have led to higher mobile phone prices in Britain.

The European Commission said Hutchison’s concessions failed to address competition worries. Hutchison, controlled by Asia’s richest man Li Ka-shing, had planned to expand its telecoms footprint in Britain, where it already operates as “Three”.

“We had strong concerns that consumers would have had less choice finding a mobile package that suits their needs and paid more than without the deal,” European Competition Commissioner Margrethe Vestager said in a statement.

She said the deal would also have hampered innovation and the development of network infrastructure in the UK.