It looks increasingly likely that the European Commission will veto the proposed merger of the UK arms of CK Hutchison and Telefonica (3UK and O2 UK respectively), which could prompt Telefonica to seek a new buyer, perhaps Liberty Global, and Hutchison to reconsider its future in the country (as well as potentially reaching for the lawyers). The probe by competition authorities has been going on for six months and its deadline has been repeatedly extended, with Hutchison reportedly making a series of ever-bigger compromises in an attempt to sell the deal, but with the UK’s own telecoms and competition regulators (not officially part of the decision) weighing in against it on the grounds that it would reduce consumer choice and…