By Jonathan Davies
The richest man in Asia, Li Ka-shing, has revealed he is in exclusive talks to buy O2 £10.25bn ($15.4bn).
Mr Ka-shing's Hong-Kong based company Hutchison Whampoa already owns mobile network provider Three. If the deal goes through, it will create the largest mobile network in the UK.
"Shareholders and potential investors of the company should note that such negotiations may or may not result in any transaction, and accordingly are advised to exercise caution when dealing in the shares of the company," it said in a filing to the Hong Kong stock exchange.
But the deal is likely to face tough scrutiny from regulators after BT confirmed it was in talks to buy EE. If both deals were to be successful, it would mean there were just three mobile network providers in the UK.
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