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Brit Telecom to Rename Mobile Unit
Posted: 03-Sep-2001 [Source: Reuters via Yahoo]

[O2, the symbol for oxygen, becomes new name of BT's mobile phone unit.]

London -- "BT Wireless, the mobile phone unit of British Telecommunications PLC, said Monday that it would rename its consumer brand O2 upon its spin-off planned for later this year.

"The holding company for the mobile business would be renamed mmO2.

"The announcement was claimed as ``a milestone'' for BT as it restructures into an independent wireless business and a separate unit for landline services in an effort to recoup its competitive edge.

BT has cut its debt load to 17 billion pounds ($25 billion) from 27 billion pounds ($39 billion) and sold off stakes in several foreign businesses. BT announced plans in May to spin off its mobile unit.

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