Vodafone shares rise after India deal
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Shares in Vodafone Group PLC rose Monday as the market reacted positively to the weekend move by the world's largest mobile telephone company to gain control of Hutchison Essar India Ltd.
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(InfoWorld) - Vodafone Group intends to keep its stake in Verizon Wireless, despite a proposal submitted by a large shareholder recommending a change in the holding. The issue of Vodafone's 45 percent stake in Verizon Wireless comes up during virtually every earnings report from Vodafone. Vodafone typically argues that while it keeps an eye on the investment and probably won't hold on to it forever, growth at Verizon continues, so the investment is sound for now. On Thursday, Vodafone said that Efficient Capital Structures, a group that controls 210,000 shares of the company, submitted several resolutions, including one suggesting that Vodafone either spin off or issue tracking shares of its Verizon Wireless interest. Vodafone is required to submit the resolutions for vote during its annual shareholders meeting July 24. Vodafone said that its share in Verizon has generated significant value and that a change in the structure of that investment would lose some of that value. A tracking share would probably trade low because of limited transparency, Vodafone said. A spinoff would also likely lead to lowered value because of difficulties in tax structures and because the board doesn't think the United Kingdom is the natural place to list such shares. Another resolution from ECS seeks to put a cap of Â£1 billion ($2 billion) on any acquisition or a maximum of Â£5 billion in aggregate acquisitions in any two-year period before 2010 unless the deal gets shareholder approval. Vodafone argues that such a rule would prevent it from competing for assets and would have precluded the company from making some historical buys, such as acquisitions in Romania, Turkey, and India. The proposals from ECS add to pressure mounting on Vodafone CEO Arun Sarin. Last year, around 10 percent of shareholders voted against his re-election to the board. The vote came a few months after Vodafone revealed a Â£14 billion loss for the year ending in March 2006, marking a record loss for a U.K. company.
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Vodafone has doubled its half-year dividend to 1.91 pence, the top end of forecasts, and extended a full-year share buy-back programme after strong underlying results.
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Splurges Indian ink Vodafone announced today it had finally netted a 67 per cent controlling interest in Indian operator Hutch Essar for $11.1bn cash.â¦
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Vodafone yesterday announced plans to raise an additional Â£2.5bn a year through cost savings and increasing its market share within the next four years.
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(InfoWorld) - Vodafone Group has denied a Monday report by the Financial Times that it was considering buying Verizon Communications in a huge $160 billion deal. The paper, citing unnamed sources, said the international mobile operator was contemplating such a deal but hadn't approached Verizon and wouldn't necessarily go ahead with it. But Verizon's shares were up $1 at $42.76 in afternoon trading on the New York Stock Exchange. Vodafone issued a statement to the London Stock Exchange to squelch the report. "Vodafone notes press speculation that it is considering a possible offer for Verizon Communications. Vodafone wishes to make it clear that it has no plans to make such an offer," the statement said. Vodafone owns 45 percent of Verizon Wireless, the rest of which is owned by incumbent wireline carrier Verizon Communications. The dual ownership could tie Verizon's hands as it goes up against rival AT&T, which now owns all of its mobile business and is moving toward "quad-play" bundles of broadband, video, wireline voice, and mobile services. The arrangement gives Vodafone a stake in a profitable U.S. mobile business but doesn't allow it to chart its own course in the market. Vodafone tried to acquire AT&T Wireless in 2004 but was outbid by Cingular. The company has expanded aggressively in other countries, including Germany, where it bought Mannesman in 2000. Buying all of Verizon would create a company valued at about $300 billion. But as part of the deal, Vodafone might spin off Verizon's wireline business in order to build an all-wireless carrier, the Financial Times said. Verizon is the second-largest U.S. carrier behind AT&T in both wired and wireless customers. It had 60.7 million wireless subscribers and 7.4 million broadband customers at the end of the first quarter. Its Fios TV fiber-to-the-home service had attracted about 348,000 households. Verizon also operates a global enterprise communications business. Vodafone, based in Newbury, U.K., had 198.6 million customers across Europe, the Middle East, Africa, Â and the Asia-Pacific region at the end of last year.
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London equities rose on Friday, supported by fresh bid talk and a resurgent mining sector.
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British mobile-phone giant Vodafone's purchase of a 11.1-billion-dollar stake in India's Hutchison Essar has been welcomed by local contenders, smoothing its entry into the world's fastest-growing wireless market.
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Singapore Telecommunications Ltd. , Southeast Asia's largest phone firm, said on Thursday it was unsure if Vodafone plc's  stake in India's Bharti  was up for sale and that it was premature to comment on possible talks. "It is our objective to increase our stakes in existing associates at the right terms and conditions, and Bharti is certainly one associate we are interested to increase our shareholding in," Chief Financial Officer Chua Sock Koong told a media briefing.
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British mobile services operator Vodafone Group will acquire a majority stake in Hutchison Essar, winning aÂ heated bid for controlÂ of the Indian mobile services operator.
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Stocks rose on Monday, boosted by takeover news in the telecommunications sector.
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British mobile phone giant Vodafone, grappling with intense competition in Europe, has tapped into the booming Indian economy after winning control of Hutchison Essar for 11.1 billion dollars.
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Vodafone Group Plc won 5.4 million more  customers over the key Christmas trading quarter, topping  forecasts, and the mobile phone giant reiterated its full-year  expectations.
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Vodafone buys a controlling stake in Indian mobile phone firm Hutchison Essar for $11bn (Â£5.6bn).
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Vodafone Group Plc won 5.4 million more  customers over the key Christmas trading quarter, topping  forecasts, and the mobile phone giant on Wednesday reiterated  full-year guidance.
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Mobile phone firm Vodafone is to enter the UK fixed-line broadband market after striking a deal with BT Group.
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TORONTO (CP) - Shares of Aastra Technologies Ltd. shot higher Wednesday after the company said it is in talks to buy a European telecom business.