Vodafone Group PLC (LSE:VOD) recently lost a couple of activist investors but interest from industry investors has increased with the UAE’s biggest telecoms operator upping its stake to 12%.
Abu Dhabi-listed e&, formerly known as Etisalat, hiked its shareholding in the UK telecoms group to 3.272bn shares, it said in a regulatory filing this morning.
Vodafone issued a statement saying that Emirates Investment Authority was the ultimate holder of the investment, up from 11% before.
The UAE telecoms company said it bought the extra shares "at what we believe is an attractive valuation", adding that its investment rationale was the same as when it was first announced in May, "to obtain significant exposure to a global leader, and leverage potential commercial partnership and realise future return on our investment".
It snapped up almost a 10% stake in Vodafone for US$4.4bn in May and took this to 11% last month.
Meanwhile, there were more changes at the FTSE 100-listed company this month, with activist investor Coast Capital dumping its holding as it could no longer see “an attractive business model” (fellow activist Cevian got out in October), while further senior management moves followed the resignation of chief executive Nick Read late last year.