Vodafone shares rise on rumored bid from Verizon

By

At the opening of the trading markets, shares of Vodafone Group jumped by 1.5% after two anonymous sources told Reuters that Verizon Communications would be buying out the European wireless firm from its joint venture for US$100 billion.

The two anonymous sources also confirmed that Verizon Communication has engaged the services of advisers to assist in the preparation of a cash and stock bid for the 45% that Vodafone owns in the tremendously successful Verizon Wireless joint venture in the United States.

Both Vodafone and Verizon declined to make any comments on the news reports. The shares in the British firm have continued to rise the past year, totalling 26% for the year based on speculation that after many months of discussions, it would be selling off its shareholdings in the US business venture. For many analysts, the value of the Vodafone shareholdings is well above US$120 billion and the best part of this saga is yet to come.

Tags
Joint venture, Vodafone, Bid, Verizon, Shares

© 2024 VCPOST.com All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics