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Subject:

Vodafone Not Planning Verizon Stake Sale

Author:
Block trader

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Date Posted: 10:56:18 01/05/03 Sun

Vodafone Not Planning Verizon Stake Sale
Sun January 5, 2003 10:33 AM ET
LONDON (Reuters) - Mobile phone giant Vodafone Group Plc said Sunday it had no current intention to sell its 45-percent stake in its U.S. joint venture Verizon Wireless to majority shareholder Verizon Communications.
"We have made it very clear that we have no present intentions of exercising that option," a spokesman for the company told Reuters.

"The date by which the first tranche of the option could be realized would be this year and therefore you might expect the matter to be considered. But we have already said we have no plans to sell that stake," he added.

A report in the Independent Sunday newspaper said Vodafone was planning to sell its stake in Verizon Wireless in order to fund a bid for control of a rival U.S. mobile operator.

Both Voicestream, which is part of Deutsche Telekom, and AT&T Wireless Services Inc, whose largest shareholder is Japan's NTT DoCoMo Inc were named as possible bid targets. The spokesman declined to comment on whether Vodafone had shown interest in either firm.

Currently, Vodafone only has a minority position in the key U.S. mobile phone market, one of the most pressing problems facing incoming Chief Executive Arun Sarin, due to take over from Chris Gent in July.

Vodafone also said that the $20 billion value attributed to the stake in the newspaper article was incorrect.

"There is a process by which in theory it could be valued but at this point in time there is no way to put a firm value on that stake," the spokesman said.

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