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Emirates Telecommunications Group PJSC, also known as e&, on Wednesday said it raised its stake in Vodafone Group PLC to 11% of issued share capital, while confirming it has no plan to make a takeover offer for Vodafone.
It raised its stake to 3.02 billion shares from the 2.77 billion that it had acquired in May and which had given it a 9.8% stake.
e& said the rationale for its investment in the Berkshire, England-based telecommunications company remain unchanged from May, which is gaining significant exposure to a ‘world leader’ in connectivity and digital service at an attractive valuation.
The company, formerly known as Etisalat, confirmed it had no intention to make an offer for Vodafone. However, it said it reserves the right to do so in line with UK takeover rules.
Vodafone on Monday said Chief Executive Officer Nick Read plans to step down on December 31, after 21 years at the firm and four years as CEO. He will continue as an advisor to the board until March 31 next year.
Chief Financial Officer Margherita Della Valle was appointed interim CEO, taking on the additional duties alongside her existing role. The board has begun a process to find a replacement CEO.
Shares in Vodafone were up 2.4% at 91.45 pence each in London on Wednesday morning. The stock is down 19% in the past 12 months.
By Greg Rosenvinge, Alliance News reporter
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