The European Commission’s decision to block Hutchison’s acquisition of Telefonica’s O2 UK arm had become almost inevitable, but it still raises important issues for European operators. One, it is now clear that the shortlived era of tolerance of acquisitions which reduce the number of MNOs in a country is over. Hutchison was able to acquire rivals in Austria and Ireland by agreeing to share spectrum or support new entrants, even though these deals resulted in fewer MNOs. But the current competition commissioner, Margrethe Vestager, has slammed the door on such deals and Hutchison is likely to encounter the same attitude to its bid to acquire Wind in Italy. Perhaps the tide will turn again, but MNOs cannot rely on that.…