LONDON - Vodafone says it is disposing of its stake in China Mobile Ltd. for 4.3 billion pounds (US$6.6 billion), which it says is nearly double the price it paid for the shares 10 years ago.
The British-based mobile phone company said Wednesday that although it is selling its 3.2 per cent stake in China Mobile, the two companies will continue to co-operate on roaming, multinational customers, green technology and other areas.
Vodafone says it is selling the shares to the market through an accelerated bookbuilt offering managed by three investment banks.
Vodafone says it will use 70 per cent of the money for share buybacks, and the rest to reduce net debt.