Telefonica's Northern Exposure

£17.7bn. Again, a lot of dough. But this time and even if this is Halloween, Telefonica is not going for spectrum or spectre with a greenfield operation in Germany : O2* are a full grown operator with positions in both the UK and Germany, not to mention other remains of the British Empire.
If Telefonica Moviles manages to be swift and efficient, Vodafone and T-Mobile should start worrying. This could also prove to be a clue for the future of T-Mobile USA within the pink team.
Whatever. Europe is catching up with America and the wave of concentration ain't over yet. Expect more Air France - KAL - style operations as well as a few low cost airlines crashes.

* about O2 : "Superfast me, O2" (20051023), "Brand new KPN - Brand new USA - Same old standards" (20050901), "One month oxygen supply" (20050827), "Over the air" (20050409)