The European Union has cleared a £346m (€500m) bid by private equity firm Fortress to buy Telent, a UK telecommunications support company, but its offer may be opposed by hedge fund Polygon Investment Partners.

The EU's competition authority said yesterday it would not object to funds managed by Fortress Investment Group buying Telent, the only branch of former UK telecoms equipment company Marconi that was not bought last year by Sweden's Ericsson.