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Telefonica Offer For O2

31 October 2005
Updated 6 December 2005

It has been announced that Telefonica is to make a recommended offer for O2, valuing the company at over £17.7 billion.

The CWU has been in urgent discussions with O2 management seeking assurances about the impact for our members. Manx Telecom and Airwave will also form part of the new company and will be part of the "Rest of Europe" division headed by Peter Erskine.

The Board of Directors of Telefonica have confirmed that the existing employment rights, including pension rights of the management and employees of the members of the O2 Group will be fully safeguarded. We have been advised that there is no intention to change the business plan or direction of O2. The Company are still working through the specific arrangements that will apply to existing shares schemes.

With regard to the other assurances that the CWU sought, they are set out with the company’s response on the main CWU web site:http://www.cwu.org/uploads/documents/O2responseDec05.pdf

You will need the Adobe Reader to view the PDF file, you can download it free.

Discussions will continue and as further details emerge, members will be kept updated.

Telefonica International Corporate Web Site (English): http://www.telefonica.com/

O2 Corporate Web Site: http://www.o2.com/