The boss of telecoms giant O2 will receive more than #8 million after his firm is bought by Spain's Telefonica, it was reported yesterday.
Chief executive Peter Erskine is expected to land the windfall as a result of selling shares during the landmark #17.7 billion takeover and vesting his share options.
According to The Sunday Telegraph, the amount will be revealed when takeover documents are published this week.
O2 is set to become part of Telefonica in the new year after the Spanish firm agreed a takeover deal with its board last month.
Yesterday's report also claimed there there was unrest among some Telefonica shareholders, who fear the company is paying too much. One large institutional investor was quoted as saying the deal did not represent good value for money and that it should be put to the vote.
Telefonica investors do not have to vote on move as it is funded entirely with cash.
Slough-based O2, which was spun off from BT in 2001, has around 24.6 million mobile phone customers in the UK, Ireland and Germany - about 14.6 million of them in the UK.