MADRID, Nov 24 (Reuters) - Spain’s Telefonica could sell its UK mobile operator O2 to British Telecom in return for a 20 percent stake in BT as part of a “strategic alliance” to strengthen the pair, Spanish website El Confidencial reported on Monday.
“According to various sources, the talks between Telefonica and British Telecom are advanced although no final deal has been reached”, said the website.
A spokesman at Telefonica declined to comment on the report.
No one at BT was immediately available for comment. (Reporting by Sarah Morris; additional reporting by Robert Hetz; Editing by Mark Potter)