Friday, May 12, 2006

Vodafone rejects Verizon buyout

It appears as if the potential sale by Vodafone of its 45 percent minority stake in Verizon Wireless has moved beyond the rumor stage and onto the bargaining table. Multiple European news outlets, including U.K. newspapers The Herald and The Daily Telegraph, are in fact reporting that Vodafone has <A HREF="http://mobile.ithub.com/blogs/mobile/archive/2006/05/10/9809.aspx">already rejected Verizon Communication's initial offer</A> of $35 billion for the stake in the two companies' wireless joint venture. Some shareholders in Vodafone, also based in the United Kingdom, are openly mocking the bid and have said that an offer of roughly $50 billion would be more appropriate. Among those companies was Standard Life Investments, which has also been pushing for Vodafone to make a deal and walk away from its U.S. investments.

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