Vodafone grabs £7bn, leaves France
Sells off French assets to Vivendi
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Vodafone is selling its minority shareholding in French operator SFR, netting €7.95bn by flogging 44 per cent of SFR and giving Vivendi complete ownership.
Vivendi already owns 56 per cent of mobile, fixed-line, broadband and TV supplier SFR, which boasts 20 million customers, but once the deal is completed, Vivendi will own the whole company. SFR and Vodafone will maintain a Partner Market agreement covering roaming and commercial cooperation.
Vodafone will hand back some of the cash to shareholders, buying back £4bn worth of its own shares; the rest will be dropped in the debt pile. Explaining the move, Voda's CEO Vittorio Colao talked about focusing on wholly-owned operations, rather than those over which Vodafone has less than complete control. He said:
"Our Board remains committed to realising maximum value from our non-controlled assets. The sale of our stake in SFR, at an attractive multiple, represents a significant further step in the execution of this strategy." ®
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COMMENTS
Tax avoiding scum?
You can have an ISA - Restricted amount allowed per year. Used to encourage savings in this country. A good thing for this Country
Buy a dodgy DVD you can be prosecuted/sued.
Buy dodgy ciggies you can be prosecuted.
Paid a tradesman in cash no personal or professional liability incurred. If that tradesman chooses not to pay tax shame on him. And will not be used again.
I don't remember VodaFone letting their customers off their tax liabilities as a sweetener. They charged everybody else the normal tax rate and then kept the money.
And your point is?
the point is...
A government made the deal with Vodafone for this to happen.
Who's watch did this happen on again?
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