Colao eyes windfall from $130bn Vodafone deal with Verizon Wireless
Monday 02 September 2013
Vodafone’s chief executive Vittorio Colao could be in line for a £5.5m personal windfall from the sale of its 45 per cent stake in Verizon Wireless to America’s Verizon Communications.
Talks between the two sides are understood to have gone well over the weekend as the boards of Vodafone and Verizon Communications put the finishing touches to the deal, which could be announced as soon as today despite it being a holiday in America.
Vodafone is set to receive $130bn (£84bn) or around 174p per share, making it the third largest takeover in stock market history. The FTSE 100 giant is expected to return close to half that amount, around £40bn, to shareholders in special dividends, worth as much as 82p a share, with the rest used for acquisitions and to reduce debt.
Mr Colao holds 6.8 million Vodafone shares, making a payout potentially worth about £5.5m, but analysts cautioned any return to shareholders is likely to be staggered over several years and might not be only in cash.
Reports suggest Vodafone can reduce its tax bill on the sale to below $5bn. Sources close to the company dismissed claims it could structure the sale through Luxembourg and noted recent changes in UK tax law meant it faces only a small liability.
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
The quiet diplomat: Catherine Ashton - recognised and admired in all the world’s troubled countries, yet ridiculed at home
Fracking is turning the US into a bigger oil producer than Saudi Arabia
- 1 Fracking is turning the US into a bigger oil producer than Saudi Arabia
- 3 First Kiss video: Filmmaker gets 20 strangers to make out on YouTube with awkward results
- 4 Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
- 5 Rampaging elephant smashes up house but then 'saves crying baby trapped under debris'
iJobs Money & Business
£45000 - £55000 per annum + Bonus and Benefits: Harrington Starr: One of the i...
£57000 - £77000 per annum + Benefits: Pro-Recruitment Group: Top 10 Specialist...
£350 - £450 per day: Harrington Starr: Harrington Starr are currently working ...
£40000 - £60000 per annum: Harrington Starr: Application Support - FIX protoco...