Europe blocks $15B telecoms deal

European officials have blocked a $14.8 billion bid by Hong Kong's CK Hutchison to purchase mobile operator O2.

CK Hutchison - which is partly owned by Asia's richest man, Li Ka-Shing - made the offer in March 2015 for the company owned by Spain's Telefonica.

European Commission officials decided the deal would reduce competition and boost prices for customers.

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