Vodafone Squashes Rumours of Verizon Acquisition

3:36 pm on July 16, 2007 | Category: Business, Corporate

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UK-based wireless giant, Vodafone Group, has dismissed reports that it is considering making a $160 billion offer for America’s second largest telecom provider, Verizon Communications.

“Vodafone notes press speculation that it is considering a possible offer for Verizon Communications. Vodafone wishes to make it clear that it has no plans to make such an offer,” the company said in a statement earlier today.

Rumours of a Verizon acquisition caused Vodafone’s stock to drop 2.5% early in the day, and triggered a 10% spike in Verizon’s share price in pre-market trading. These movements quickly corrected themselves after Vodafone set the record straight.

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