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Deutsche Telekom has ruled itself out of making a bid for O2, the telecoms giant confirmed today.

In a statement handed to Reuters, DT's top beancounter Karl-Gerhard Eick said: "Deutsche Telekom will not make a counterbid for O2. This would not be in the interests of our shareholders."

Deutsche Telekom has ruled itself out of making a bid for O2, the telecoms giant confirmed today.

In a statement handed to Reuters, DT's top beancounter Karl-Gerhard Eick said: "Deutsche Telekom will not make a counterbid for O2. This would not be in the interests of our shareholders."

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So that's that, then. Shares in O2 slipped 11.4p (5.46 per cent) in early trading this morning.

On Monday Spanish telco Telefonica announced that it planned to buy the O2 for £18bn as part of a strategic move to enter the UK and German markets.

Since then, speculation has mounted that DT might launch a counter offer that could spark a bidding war, although others believed DT would have been put off by the regulatory difficulties associated with such a deal.

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