Vodafone to sell China Mobile stake

News General China 8 SEP 2010
Vodafone to sell China Mobile stake
Vodafone Group has confirmed it will sell its 3.2 percent stake in China Mobile. The company will sell its 642.9 million shares in China Mobile in a public offering that will be led by Goldman Sachs, Morgan Stanley and UBS. The company expects to raise around GBP 4.3 billion from the sale, before tax and transaction costs. Vodafone said about 70 percent of the proceeds of the sale will be returned to shareholders through a share buyback, with the rest being used to repay debts. Vodafone said it would continue cooperation with China Mobile in areas such as roaming and technology development.

Categories:

General

Companies:

Vodafone Group,  China Mobile

Regions:

Global

Countries:

China

Tags:

M&A buyouts & divestments

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