I don't think the bid at 10 euros stands any chance of success.

We believe that it is unlikely that Blackstone would make such a large investment intending to be a purely passive investor. This is likely to give rise to general market expectations that further steps will be taken to enhance shareholder value.

They have some very big challenges in the mobile business in Germany and the UK and also in broadband in Germany.

The numbers look fine. It is a reassuring set of results.

They (BT) are certainly getting (MCI) on much better terms than we would have thought they were going to be able to negotiate.

It shouldn't be too hard to get a majority if the board is proposing something positive.