Gossip

So... why exactly would O2's founders want to sell out?

That was the question that was asked. Left alone to answer the phones, the Sniffer got a call from someone inside mmo2, or as we must call it these days, O2, who felt that it was nice that we'd exposed the plan to sell to Telefonica. "But do you know why?"

Scurrilous gossip is all you get off phones, so naturally we asked for the scurrilous gossip, please!

"It's because the major directors have lost their motivation."

On their wages? Surely, nobody could feel underpaid on what they earn?

"Well, it's simple enough. Peter Erskine's share options are fully vested by April. He'd probably be worth five million pounds after tax if Telefonica bought it. But we don't think Telefonica is his favourite suitor, because if a buyer from outside Europe bought O2, he'd probably be able to avoid tax altogether."

As if he'd do something like that. Neither would his partner, Sohail Qadri. He'd be quite content with three million quid from the Telefonica deal.