Friday, February 11, 2022 07:50:36 UTC

Iliad France's $12.6 billion bid for Vodafone Italy was unexpectedly rejected. Expect a drop in share price at open. They intend to pursue a stand-alone strategy.

Vodafone (VOD.L) rejected a preliminary offer from France's Iliad and Apax Partners for its Italian unit for more than 11 billion euros, the first public clash in what might be a new wave of European telecoms deal making.

"Iliad takes note of the rejection by Vodafone of its 11.25 billion euros ($12.92 billion) offer for Vodafone Italy," the company said in a statement, adding that it will "pursue its stand-alone strategy".

Vodafone, the world's second largest mobile provider, said the offer was not in shareholders' best interests.(More)

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