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European Union antitrust regulators will veto CK Hutchison Holdings’s 10.3-billion-pound ($14.9 billion) bid to become Britain’s biggest mobile operator, two people familiar with the matter said on Monday.

The European Commission will this week seek the green light from national competition agencies for its decision, the people said. Such a move is usually a formality.

Hutchison, controlled by Asia’s richest man Li Ka-shing, had faced an uphill battle getting EU clearance for its proposed buy of Telefonica’s UK mobile unit O2.

A package of concessions designed to boost smaller rivals failed to address Commission concerns that the deal may result in higher prices for consumers and less competition in Britain, the people said.

(Reporting by Foo Yun Chee, editing by Julia Fioretti)