02 takes first breath

NEWS 02 was formally launched yesterday. The company celebrated with a champagne reception on the London Eye and a musical rendition from popular boy band Blue. The official launch marks the death of the BT Cellnet brand in the UK, Viag Interkom in Germany, Digifone in Ireland, and Telfort in Holland. Peter Erskine, chief executive officer, mmO2, said in a statement: "This is much more than a re-branding exercise. In a very real sense, it represents the coming together of five powerful businesses - all 100% owned - and is the external manifestation of the 'do it once' culture which runs through our entire operation." 02 is set to raise its profile through sponsorship of the England rugby team and Premiership football team Arsenal. While parent company mm02's share price fell more than three per cent yesterday, it gained six per cent during early trading this morning to sit at 46.25p.