Vodafone Confirms Potential Tie-Up With Rival Three UK [Business News Network (BNN) (Canada)]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
NASDAQ:AMEX Investor Relations:
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Source: Business News Network
The deal would involve a combination of the two companies' UK businesses, with Vodafone holding 51% and CK Hutchison owning 49% of the new unit, Vodafone said in a statement on Monday. Shares in Vodafone gained as much as 3.6% in trading in London on Monday following the statement. A combination of Vodafone and Three UK has been speculated for years, and Vodafone has teamed up with CK Hutchison in other markets like Australia. Vodafone initially expressed interest late last year in acquiring its smaller rival, Bloomberg previously reported. Vodafone Chief Executive Officer Nick Read is currently trying to consolidate in key markets while facing pressure from shareholders including Europe's largest activist fund, Cevian Capital AB. Read has said he is pursuing deals in the UK, Spain, Italy and Portugal. However, rival Orange SA clinched the biggest likely deal in Spain, and Read turned down an offer for Vodafone Italy from Iliad SA. “By combining our businesses, Vodafone UK an
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