Vodafone chief executive Arun Sarin yesterday defended the company's US strategy and said it was keeping its 45 per cent stake in Verizon Wireless.

Major shareholders including Standard Life and Morley Fund Management have publicly cricised the strategy, but Sarin remains firm.

He said, however, the board would look at the investment again in light of shareholder criticism. The Telegraph quoted Sarin saying: "Clearly some shareholders would like us to sell now, and we will discuss that at a board level."

Sarin pointed out that the Verizon stake had gone up by $20bn in the last two years.®

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