Brexit vote ends Telefonica's O2 sale plan
Spanish telecoms giant hoped to reduce debt pile
Spanish telecoms group Telefonica has shelved plans to sell a stake in its British mobile subsidiary O2, as the decision by voters in the country to exit the European Union hit stock markets and created a final, insurmountable hurdle to a 15-month sales effort to cut debt.
Telefonica will consolidate O2 back into its financial statements and no longer present the unit as discontinued operations, the company said in a regulatory filing today.
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