Li Ka-shing is reportedly to be in talks to buy Britain's second-largest mobile provider O2 for up to £10.25bn ($15.4bn) from Spain's Telefonica.

The 86 year-olds firm, Hong Kong-based Hutchison Whampoa, already owns the Three mobile network, and combining it with O2 would create the UK's biggest mobile group.

As it would reduce the number of operators in the UK from four to three, it is likely to meet scrutiny from competition regulators. With BT group in talks to by EE, consolidation is already very likely within the telecommunications sector.

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