Hutchison wins legal challenge to EU veto on O2 takeover

BRUSSELS: CK Hutchison Holdings Ltd has won a victory against an EU antitrust decision blocking its 10.3 billion pound ($12.6 billion) bid to buy O2 UK from Spain’s Telefonica in 2016.

Thursday’s ruling by the Luxembourg-based General Court marks a rare setback for the European Commission’s competition watchdog but will cheer a telecoms industry seeking a looser rein on mergers aimed at sharing heavy 5G investments.

Hutchison welcomed the court ruling, criticising regulators for a “misconceived default view” on four-to-three telecoms mergers, which it said had put a brake on consolidation in the sector.