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FTSE 100 closes ahead as new chancellor Hunt steadies nerves
The UK index of leading shares finished up around 61 points, or 0.90%, at 6,920
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LON:VOD
Vodafone Group PLC is a mobile telecommunications company, with a significant presence in Europe, the Middle East, Africa, Asia Pacific and the United States.
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The UK index of leading shares finished up around 61 points, or 0.90%, at 6,920
A Vodafone/Three UK mobile merger would consolidate the UK mobile market to three network operators with similar market shares
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At the close, the FTSE 100 was up 0.2%, or 15 points, to end the day at 6,909 points
"It is essential that the industry puts its customers first, and focuses on what more it can do to help support them,” said Lindsey Fussell, Ofcom’s networks and communications group director
'Significant volatility' will remain a feature into next year
The French billionaire owns telecoms provider Iliad and is a long-term investor in the telecoms sector across several European and African markets
KKR & Co. and Global Infrastructure Partners are among those firms competing for a stake in Vodafone's wireless towers business.
“The combined entity will increase competition and have greater access to investment to further the digitalisation of Hungary," said Vodafone CEO Nick Read
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At the close, the UK blue-chip index was down 16.58 points, or 0.2% at 7,533.79, well above the session low of 7,491.26 but below the day’s peak of 7,550.37
The mobile phone operator will work with Vantage Towers to tap into mainland Europe where sales revenue lagged
Deutsche’s ‘buy’ recommendation suggests more than 70% upside to the current market price of around 127p.
Headwinds in Germany are likely to offset any other improvements, according to the note
Net debt stood at €41.6bn at year-end, down from €40.5bn a year earlier
Results are also scheduled from Britvic, C&C Group, DCC and Tritax Eurobox
The telecoms group has long been criticized for capex warnings, operational disappointment, excess complexity and a poor M&A record “making it a prime target for activism”
A 9.8% stake was purchased for a premium price of 129p a share, or US$4.4bn, making it the FTSE 100 telecoms group's largest shareholder
Jefferies cut its rating as it sees higher energy and wage bills being an issue that management will need to deal with
Vodafone is under pressure from activist fund Cevian Capital to simplify its business, according to the Financial Times
Energy costs are likely to be a drag of at least €150mln in each of fiscal 2023 and 204.
The UK telco warned in February it faced a €150mln energy headwind but gas prices have since risen by 50%