Liberty Global takes 4.9% stake in Vodafone, rules out offer
Liberty Global purchased a stake in rival Vodafone in what market observers described as an opportunistic bid - but ruled out a possible offer .
FTSE 100
8,139.83
17:09 26/04/24
FTSE 350
4,470.09
16:59 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
Liberty Global plc Series B
$16.33
10:54 26/04/24
Mobile Telecommunications
1,819.94
16:59 24/01/22
Vodafone Group
69.08p
16:39 26/04/24
Liberty's chief executive officer, Mike Fries, reportedly said that the current share price did not reflect "the underlying long-term value of [Vodafone's] operating businesses, or their announced consolidation and infrastructure opportunities."
The 4.9% stake in Vodafone was financed through roughly £225m of equity funding.
Other actors in the sector were apparently of a similar view with French billionaire Xavier Niel having picked up a 2.5% stake in Vodafone in September, while United Arab Emirates-based e& had accumulated a 13% stake in the operator.
Vodafone and Virgin Media 02, in which Liberty Global held a 50% stake, were competitors in the UK.
ADRs of Vodafone ended the New York session 4.85% higher at $11.66.