AT&T has issued a formal statement denying any plans to launch a takeover bid for Vodafone Group. AT&T said it made the statement at the request of the UK Takeover Panel, which had asked for clarification after numerous media reports that AT&T was considering expanding in Europe through Vodafone. The agreed sale of Vodafone's stake in US operator Verizon Wireless was seen as easing the way for an AT&T deal, removing any competition problems in the US and giving Vodafone significant cash for further investment.
Under the rules of the UK Takeover Code, AT&T is now prohibited from making an offer for Vodafone or acquiring an over 30 percent stake in the company in the next six months. However, the company noted that it reserves the right to launch a bid or participate in a joint offer within six months under the exceptions allowed under the code, such as Vodafone agreeing to such a bid or an offer from a third party emerging.
