UK mobile operator Vodafone has started selling its 3.2% stake in Chinese mobile phone company China Mobile, according to Reuters citing sources close to the matter.
In another report, the Telegraph wrote that Vodafone has decided the sell the stake on…
UK mobile operator Vodafone has started selling its 3.2% stake in Chinese mobile phone company China Mobile, according to Reuters citing sources close to the matter.
In another report, the Telegraph wrote that Vodafone has decided the sell the stake on the Hong Kong stock market.
A few days ago, it was reported that Vodafone would sell its stake for as much as £4bn (US$6.2bn). But according to Reuters, the entire stake is now worth US$6.7bn based on China Mobile’s last traded price In an interview with the Sunday Times last month, Vodafone CEO Vittorio Colao described the company’s minority stakes in overseas companies as “not core”. Proceeds from any sale, he said, could be spent on shareholder dividends and new investments.
Vodafone’s other minority stakes are in Verizon Wireless (45%), SFR (44%) and Polkomtel (24.4%).
Vodafone declined to comment on the reports and China Mobile could not be reached for comment by press time.
