HomeNewsNewsVodafone rejects $13 bln Iliad, Apax approach for Italian business

Vodafone rejects $13 bln Iliad, Apax approach for Italian business

Branding hangs outside a Vodafone shop in Oxford, Britain, May 16, 2017. REUTERS/Toby Melville/File Photo

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  • Vodafone rejects Iliad, Apax’s Italian offer
  • Offer not in shareholders’ interest, co says
  • Vodafone shares close 0.8% lower
  • Iliad says to pursue stand-alone strategy

LONDON, Feb 10 (Reuters) – Britain’s Vodafone (VOD.L) on Thursday rejected a preliminary approach for its Italian business from France’s Iliad and Apax Partners worth more than 11 billion euros, the first public skirmish in what could be a new wave of European telecoms deal making.

Vodafone boss Nick Read, under pressure from new investor Cevian Capital and other shareholders, has been vocal in his wish to see European operators merge in local markets to build stronger companies that can invest in fibre and 5G networks.

Reuters reported in January that Vodafone and Iliad discussed combining their businesses in the…

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