Vodafone plans £4bn Chinese sale
Monday 30 August 2010
Vodafone is set to raise funds of more than £4bn by selling its shares in China Mobile, which could be the first in a series of asset disposals.
Vittorio Colao, the mobile phone giant's chief executive, has already approved the plan but Vodafone is considering whether to find a strategic investor for the 3.2 per cent stake or to sell the shares on the Hong Kong stock market, where China Mobile is listed.
Mr Colao wants to focus on the key markets of Europe, Africa and India. Vodafone, which declined to comment, has a market capitalisation of £81bn, but analysts have estimated that it is undervalued by 40 per cent due to its sprawling empire of minority interests globally.
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