Vodafone says it won’t sell Verizon stake
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LONDON — British mobile phone operator Vodafone Group, attempting to end speculation about the future of its U.S. operations, said Wednesday that it had no plans to sell its stake in Verizon Wireless.
Vodafone, the world’s largest mobile phone company, said it would not exercise its rights to sell the stake to Verizon Communications Inc., which owns the remaining 55% of Verizon Wireless.
“Verizon Wireless is a market-leading business with strong growth prospects and the board of Vodafone continues to believe that retaining its full 45% interest is in the best interests of shareholders,” the company said in a statement.
Analysts estimate that Vodafone’s holding in Verizon Wireless, which has 52 million customers in the United States, is worth between $45 billion and $55 billion. Vodafone had until today to exercise a put option and sell as much as $10 billion worth of its stake. The company had been heavily pressured by a rebel shareholder group to do so.
Verizon Communications shares rose 8 cents to $43.19.
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