We do not expect major M&A activity in Europe in 2017, because of regulation. The European Commission, which will berninvestigating the majority of any new deals, has ruled against consolidation, especially in the mobile market, which would havernreduced the number of players from four to three. The UK and Denmark are two examples, and Italy, which was successful as thernmerger of 3 and WIND was predicated on the entry of a new player, will not be replicable in many other countries. However, wernbelieve some limited opportunities remain, and we focus on three in this piece:rn1. Liberty Global, as it looks to add mobile capabilities to its fixed footprint;rn2. France, as the end of the electoral cycle could open up consolidation;rn3. Cross-border deals, as the EU still looks for its Digital Single Market (DSM).
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机译：由于法规的原因，我们预计欧洲2017年不会出现大型并购活动。欧盟委员会将调查所有新交易中的大多数，裁定不进行合并，特别是在移动市场，这将使参与者数量从四个减少到三个。英国和丹麦是两个例子，意大利是成功的，因为3的合并和WIND以新球员的加入为前提，在其他许多国家也无法复制。但是，我们相信仍然存在一些有限的机会，因此我们在本篇文章中重点介绍三个：rn1。 Liberty Global希望将移动功能添加到其固定空间中； rn2。法国，随着选举周期的结束，可能会开放合并； rn3。跨界交易，因为欧盟仍在寻找其数字单一市场（DSM）。
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