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(Alliance News) - Vodafone Group PLC on Thursday confirmed that it has rejected an offer by French peer Iliad SA and Apax Partners LLP to acquire Vodafone Italy, on the grounds that it is "not in the best interests of shareholders".
On Tuesday, Paris-based telecoms firm Iliad, which owns phone and internet provider Free, had confirmed its bid for Vodafone Italia, but did not disclose at what sum. On Wednesday, the Financial Times reported that Iliad's offer came to around EUR11 billion, citing people familiar with the matter.
Vodafone said that it remained focused on delivering shareholder value through its medium term organic growth strategy, and the ongoing optimisation of its portfolio.
"Vodafone continues to pragmatically pursue several value accretive in-market consolidation opportunities to deliver sustainable market structures in its major European markets, including Italy," the group stated.
Shares in Vodafone were down 0.3% at 139.12 pence on Thursday afternoon in London, giving a market capitalisation of GBP37.64 billion.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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