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Edition: U.S. Article Comments (0) Reuters Global M&A Summit Boards play it safe as new M&A cycle begins Oil, mining M&A: Beware the politics Tax holiday could boost U.S. industrial M&A Telecom empire building takes back seat Chinese firms face U.S. M&A hurdles Unemployment dampens consumer M&A Bankers see Equinox as ideal test for China Inc New guard arrives to steady private equity ship VCs trade biotech for social networking Boards tread carefully after Del Monte case Novel M&A paths gain acceptance Japan pharma to get more aggressive in M&A Buyout-backed companies to flood Europe Follow Reuters Facebook Twitter RSS YouTube Read Washington braces for shutdown amid budget impasse 10:10am EDT Cantor says White House increasing odds of shutdown 10:24am EDT WRAPUP 1-Japan nuclear plant operator says may have slowed radioactive leak 11:17am EDT Geithner warns U.S. to hit debt ceiling by May 16 04 Apr 2011 Obama warns shutdown would hurt economy 4:57pm EDT Discussed 107 Obama authorizes secret support for Libya rebels 103 Obama to set ambitious goal to curb U.S. oil imports 102 U.S. to reach debt limit by May 16: Geithner Watched Monkeys trash car in UK safari park Tue, Mar 22 2011 Southwest jet had pre-existing fatigue Sun, Apr 3 2011 Miracle dog reunited with owner Mon, Apr 4 2011 Telecom empire building takes back seat Tweet Share this By Victoria Howley and Nicola Leske LONDON (Reuters) - With the days of planting flags across the globe long gone, western European telecoms are unlikely to rush to merge even as deep-pocketed emerging market rivals entertain deals at the edges of... Email Print Related News Australia to veto Singapore Exchange's ASX bid 10:11am EDT Boards play safe as new M&A cycle begins Mon, Apr 4 2011 Vodafone SFR deal reflects wider industry changes Mon, Apr 4 2011 European stocks tick higher Mon, Apr 4 2011 UPDATE 3-Vodafone sells SFR in latest major telecom deal Mon, Apr 4 2011 Analysis & Opinion Is Cisco bracing for an activist siege? Text of Chambers staff memo Related Topics Technology » Stocks The co-head of EMEA TMT at Credit Suisse, Jeff Murphy, speaks during the Reuters Global Mergers and Acquisitions Summit, in London April 5, 2011. Credit: Reuters/Benjamin Beavan By Victoria Howley and Nicola Leske LONDON | Tue Apr 5, 2011 1:06pm EDT LONDON (Reuters) - With the days of planting flags across the globe long gone, western European telecoms are unlikely to rush to merge even as deep-pocketed emerging market rivals entertain deals at the edges of their territory. Deutsche Telekom's $39 billion exit from the United States has intensified scrutiny on whether Europe, a market of roughly the same size, has too many operators, bankers said at the Reuters Global Mergers and Acquisitions Summit on Tuesday. "Larger EU markets like Britain could probably support four mobile companies and smaller countries could support three," said Jeff Murphy, co-head of telecoms, media and technology (TMT) for Europe, the Middle East and Africa (EMEA) at Credit Suisse. France Telecom and Deutsche Telekom merged their British operations in 2009, leaving Hutchison Whampoa's 3 as the smallest of four players and the most likely target for consolidation. Hutchison's 3 is also the smallest mobile carrier in Austria, where Mobilkom Austria, T-Mobile Austria and Orange Austria are the major players. But some regulators fear fewer companies would stifle competition. "(UK regulator) Ofcom has been pretty clear that they want to see four network operators," said Dan Bailey, head of EMEA TMT at Citigroup. Shareholders of western European telecom companies were wary about larger, cross-border M&A, the bankers said. "The sector has become a yield play from a public market perspective, so the reason people generally buy stock is because they are going to get a good dividend," said Jean Abergel, head of media and communications, EMEA, at Morgan Stanley. Britain's Vodafone, exiting markets where it is weak after a decade-long acquisition spree, typifies pursuit of a leaner and more focused model that investors now prefer. Emphasis on smaller footprints means that a long-imagined merger of France Telecom and Deutsche Telekom is further away than ever. "The value creation that comes from it probably isn't big enough in the eyes of the key shareholders to warrant the pain," Murphy said. Bailey said Vodafone and Deutsche Telekom, having slimmed down their portfolios, might gain a sustained valuation premium over companies further behind on this process. "There is a clear gap to what they have done and what France Telecom has done," he said. The bulk of dealmaking activity is expected to continue in the emerging markets, bankers said. 1 2 Next Technology Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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