Verizon Makes Informal Bid to Buy Out Vodafone Wireless Share

5:00 am on March 13, 2006 | Category: Business, Corporate

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Reports indicate that Verizon Communications has informally approached Vodafone Group to purchase the UK firm’s 45% stake in Verizon Wireless. A British newspaper reported on Sunday that Verizon’s offer was in the region of US$40 billion.

“We have made our interest in acquiring Vodafone’s stake in Verizon Wireless clear,” the paper was told by a source within Verizon. “The ball is now in Vodafone’s court.”

The US-based communication giant is currently under pressure to consolidate its stake in the wireless unit, as the AT&T/BellSouth merger is doing to Cingular Wireless, which already leads the US cell phone market.

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