Vodafone wins India's Hutch Essar, shares rise
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Vodafone  shares  climbed on Monday after the British mobile phone giant beat  rival suitors with an $11.1 billion bid for a controlling stake  in Hutchison Essar, India's fourth-biggest cellphone firm.
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London equities ended their three-day losing streak on Thursday as Vodafone shares led the charge and investors awaited the Bank of England&#39;s interest rate decision.
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Mobile phone giant Vodafone sells its 25% stake in Swisscom Mobile for 4.25bn Swiss francs (Â£1.8bn).
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The deal for Hutchinson Essar, one of Indiaâs fastest growing telecommunications companies, values the company at around $19 billion.
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Vodafone on Friday dismissed an inquiry from the Indian authorities, who are seeking about $2bn in tax from the UK company following its $10.9bn takeover of Hutchison Essar, India&#39;s fourth-largest mobile phone operator.
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Britain's Vodafone Group  has  won the auction for a controlling stake in Hutchison Essar with  an offer that gives India's fourth biggest mobile operator an  enterprise value of just under $19 billion, a source close to  the auction said on Sunday.
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India's Essar conglomerate has said it would remain a partner in Hutchison Essar after British mobile phone giant Vodafone bought majority control of the Indian cellular company.
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MOBILE phone giant Vodafone today rewarded its shareholders with a 100 per cent dividend increase on the back of half-year profits equivalent to more than Â£340 per second.
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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 looks to have won the battle for control of Hutchison Essar, India's fourth largest mobile operator, according to people familiar with the matter.
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British mobile phone giant Vodafone, grappling with intense competition in Europe, tapped into the booming Indian economy after winning control of Hutchison Essar for 11.1 billion dollars.
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Essar is keeping its 33% stake in Hutchison Essar after Vodafone bought out its partner, Hutchison Telecom.
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Mobile phone company Vodafone Group PLC posted a narrower full-year loss on Tuesday and forecast strong growth in emerging markets, pushing its shares to five-year highs.
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(InfoWorld) - India's Essar Group will remain as a key shareholder in Indian mobile services provider Hutchison Essar, but will likely negotiate stronger minority shareholder rights with Vodafone Group, which Sunday announced it wasÂ acquiring a controlling 67 percent stakeÂ in the company. Essar Group does not intend to exit Hutchison Essar, and will run the company together with Vodafone, Essar Group Vice Chairman Ravi Ruia told reporters late Thursday after Vodafone CEO Arun Sarin met him in Mumbai. The terms for cooperation between Essar and Vodafone were laid out later in a statement from the Essar Group. "We will ensure that all of our shareholder rights, including under our shareholders' agreement with Hutchison, are adhered to," Essar Group said late Thursday. This gives the Essar Group theÂ right of first refusal to the proposed saleÂ of its equity by Hutchison Telecommunications International Ltd. (HTIL), according to informed sources. This right does not apply to the sale to Vodafone, Sarin told reporters this week. But the Essar Group could tie down Vodafone in protracted litigation. It is more likely to use this clause in the shareholder agreement with HTIL to negotiate a more favorable shareholder agreement with Vodafone, the sources said. The Essar Group holds 33 percent in Hutchison Essar. Vodafone has said it would prefer Essar stayed as a partner, but if it chose to exit it would offer to buy its stake for the same price per share it is offering HTIL. Essar hasn't entirely ruled out divesting from Hutchison Essar. Vodafone has approached Essar to discuss a possible partnership as regards Hutchison Essar, the Essar Group said in its statement. It will decide its future course of action in due course and in the best interests of the Essar group, it added.
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Vodafone Group and the Essar Group couldÂ lock hornsÂ over the Indian company's demand to share management of Hutchison Essar, a large Indian mobile phone network operator.
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Indian shares climbed to one-month highs on Thursday as overseas funds piled in after the government raised the limit on foreign holdings in telecoms companies.
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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.