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European telcos earned positive returns over past decade, EU antitrust enforcers say

( January 29, 2026, 10:00 GMT | Official Statement) -- MLex Summary: Economists at the European Commission have disputed telecom operators’ claims that they make an insufficient return on capital and should be allowed to merge to gain greater scale. “Our analysis indicates that the EU telecom sector has, on average, earned positive returns over the past decade and maintained one of the highest dividend-payout ratios in the stock market,” chief competition economist Emanuele Tarantino and others wrote in a paper. “Claims that the EU telecommunication sector as a whole was consistently underperforming its cost of capital do not seem to be supported.”The article follows. The attached pdf includes graphs....

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