Verizon Wireless Sell-Off Speculation Pushes Vodafone Stock Higher

12:29 am on April 6, 2006 | Category: Business

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Shares of British wireless giant, Vodafone, made significant gains on Wednesday, amid speculation that the firm plans to sell off its 45% stake in US-based Verizon Wireless. Vodafone, however, dismissed the rumors as unfounded.

“We are reiterating our position with regards to Verizon,” commented a spokesman from the company. “It is an attractive asset in a growing market.”

On March 17, Vodafone CEO Arun Sarin himself claimed that the Verizon Wireless stake was not for sale, but that still hasn’t stopped the constant rumors surrounding the issue.

By the end of the day, the surge of speculation had simmered down a little. The stock ultimately gained 1.75p or 1.44% to close at 123.5p, after hitting highs of 128.5p earlier in the day.

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    Edited by Jeremy Maddock