Vodafone eyes annual savings of Â£2.5bn
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Vodafone is to cut costs by Â£2.5bn per year by March 2008. It will do this a combination of Â£1.4bn through cost-saving measures and Â£1.
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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 posted what chief executive Arun Sarin described as &quot;a robust set of half year results&quot; on Tuesday. * Group turnover of Â£16.8 billion.
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120MB a month for Â£7.50...ho hum When Vodafone announced it would be bringing in new pricing on 1 June, a data bundle was mentioned, but no details were to be made available until the launch.â¦
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Vodafone Group Plc plans to hand 6.0 billion pounds (&#36;11.12 billion) back to shareholders this year after doubling half-year and full-year dividends and boosting a multi-billion pound share buy-back program.
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LONDON (CBS.MW) -- Mobile phone network leader Vodafone Group on Tuesday cheered the market by more than doubling its interim dividend and increasing its share buyback plan by 1 billion pounds ($1.
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Vodafone buys a controlling stake in Indian mobile phone firm Hutchison Essar for $11bn (Â£5.7bn).
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Â· Charity donations take total bill to Â£2.5mÂ· Broadcaster to sue telephone services firm
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Mobile phone giant Vodafone reported that it had attracted 4.5 million new customers during the first quarter of its financial year.
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Mobile phone titan Vodafone Group Plc doubled its half-year dividend to 1.91 pence, the top end of forecasts, and extended a full-year share buy-back program in a widely-anticipated handout to investors.
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HBOS reports annual pre-tax profits of Â£5.7bn and says it is optimistic about the outlook for the UK economy.
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Mobile phone group Vodafone announced Tuesday that it slashed net losses last year as its growth strategy in emerging markets such as India and Turkey began to pay off.
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Belgian telecommunications operator Belgacom said that it was buying Vodafone's 25-percent stake in its mobile phone unit Proximus for two billion euros (2.55 billion dollars).
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Confusion about phone tariffs means users could be wasting Â£8bn a year, warns an online comparison service.
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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 forecasts on Wednesday.
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Vodafone announced on Tuesday an aggressive doubling of its dividend and a further increase to its share buyback programme in a firm sign that the mobile operator has listened to shareholder demands to increase its cash payouts.
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Mobile phone giant Vodafone posts a slight dip in annual profits as it battles tough competition in Europe.