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Reuters on Wednesday said Vodafone Group PLC and CK Hutchison Holdings Ltd are in the final stage of agreeing to merge their British operations. CK Hutchison is a Hong Kong-based telecommunications, ports, infrastructure and retailing conglomerate. Vodafone is a Newbury, England-based telecommunications operator. Reuters said it is expecting an announcement as soon as Friday or early next week, based on ‘three sources.’ The news agency said the £15 billion combination is set to create the country’s biggest mobile operator, with 27 million customers. In a joint statement back in October, Vodafone confirmed that it is in discussions with CK Hutchison regarding a possible combination of Vodafone UK and Three UK. They had said the proposed transaction would involve both companies combining their UK businesses, with Vodafone owning 51% and its partner CK Hutchison owning 49% of the combined business. However, at the time, Vodafone emphasised that ‘there can be no certainty’ that any transaction with CK Hutchison will ultimately be agreed. In April, Vodafone confirmed the appointment of Margherita Della Valle as CEO, taking over from Chair Jean-Francois van Boxmeer’s temporary responsibilities as interim group CEO. Shares in Vodafone were up 2.1% to 78.56 pence each in London late Thursday morning. CK Hutchison closed down 0.5% at HK$48.15 in Hong Kong. https://www.reuters.com/markets/deals/vodafone-hutchison-announce-uk-merger-soon-friday-sources-2023-06-07/ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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