Interesting, the report below suggests Hutchison Whampoa, owners of Three UK is on the lookout for some takeover targets, they are looking for indebted mobile phone companies based in Europe to buy up.

If the article is right they are selling some Hong Kong assets to raise £20BN to "go shopping" in Europe. Will O2 UK be in the shopping cart?

Shares of Hutchison surged 3.3 per cent yesterday to a six-year high of HK$95.95, presumably on news of this. Li said in July that he would boost his telecommunications market share in Europe and seek acquisition targets after a slowing of home sales in Hong Kong amid government cooling measures.

http://www.scmp.com/news/hong-kong/a...ecom-purchases

Think it more likely to buy into a market they haven't got a presence in honestly. But O2 UK is a possibility I guess with O2 buying up fourth biggest in Germany they likely want try get rid of some of the debt they already in more than bill gates is worth. Three UK are likely now going to have the funds to buy spectrum in upcoming auctions and develop there network as a whole if this is true.