Vodafone confirm Verizon ‘discussions'

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Telecommunications giant Vodafone (LSE:VOD) has responded to media speculation that it was set to announce a £84bn sale of its stake in Verizon Wireless.

In a statement the company said it was in “advanced discussions with Verizon Communications Inc. regarding the disposal of Vodafone’s US group whose principal asset is its 45% interest in Verizon Wireless for US$130 billion. The consideration would substantially comprise a mixture of Verizon common stock and cash”.

According to reports Verizon’s board will meet later today to approve terms, which were agreed by Vodafone yesterday.

During early trading on the London market Vodafone saw its price increase by 3.6%.

Trying to temper market reaction Vodafone said there was “no certainty” at this stage that an agreement would be reached and said that further announcement would be “made as soon as practicable”

More to follow.

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