Earlier this week, media speculation arose that telecommunications giant BT was in talks with the Spanish company Telefonica regarding a purchase of the O2 mobile network.

BT previously owned O2, under the name BT Cellnet, but sold it on in 2002, before it was acquired by the Spanish operator in 2005 for a reported £17.7 billion.

In response to the speculation, BT released a statement confirming that it is in discussions with O2, as well as another mobile network operator, which the media believes could be EE.

"All discussions are at a highly preliminary stage and there can be no certainty that any transaction will occur.

"A further announcement will be made if and when appropriate," BT added.

Following this confirmation on Monday (24 November 2014), BT's shares had already risen by 2.71 per cent (14.10 p), reaching a value of 394.10 p each.

Data from Citigroup shows that O2 currently owns 26.2 per cent of the UK mobile market, with EE owning 33.8 per cent. BT owns approximately one-third of the country's home broadband market.

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