Feeds

Vodafone denies vapour Verizon bid

Talking telephone numbers

Security and trust: The backbone of doing business over the internet

Vodafone has denied rumours that it is considering a leveraged buyout of US giant Verizon.

According to sources quoted on a Financial Times blog today, Vodafone is considering a $160bn bid for the US giant. Vodafone already owns a 45 per cent stake in Verizon Wireless, the group's mobile network, and the larger of its two business units.

The move remains vapourware until more solid evidence emerges: the Financial Times blog notes: "Vodafone has not yet approached Verizon", and merely that "...the audacious plan has been discussed in recent weeks".

In response, Vodafone categorically denied it had any plans to acquire a controlling stake in Verizon.

The deal would create the world's largest telco, and involve loading Vodafone with a potentially crippling $90bn of debt. Verizon has some expensive gambles of its own: the company pumped $18bn into a high-speed fiber infrastructure intended to give it a viable competitor to cable.

Verizon's share price had risen by over 10 per cent before Vodafone denied the blog entry - so someone had a happy Monday.

A more likely scenario, ahead of the company's 24 July AGM, sees Vodafone cashing in on its 45 per cent share in Verizon. A group of investors led by Glenn Cooper and former Marconi boss John Mayo, calling itself Efficient Capital Structures, has succeeded in tabling a sell-off resolution for the AGM.

Vodafone attempted to buy AT&T Wireless in 2004, only to see itself outbid by Cingular. ®

Beginner's guide to SSL certificates

More from The Register

next story
Brit telcos warn Scots that voting Yes could lead to HEFTY bills
BT and Co: Independence vote likely to mean 'increased costs'
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
New 'Cosmos' browser surfs the net by TXT alone
No data plan? No WiFi? No worries ... except sluggish download speed
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Turnbull: NBN won't turn your town into Silicon Valley
'People have been brainwashed to believe that their world will be changed forever if they get FTTP'
Blockbuster book lays out the first 20 years of the Smartphone Wars
Symbian's David Wood bares all. Not for the faint hearted
Bonking with Apple has POUNDED mobe operators' wallets
... into submission. Weve squeals, ditches payment plans
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.