Vodafone shares open 1.2 pct down after Verizon deal agreed

Sep 03 2013, 13:10 IST
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Shares in Vodafone opened 1.2 percent down on Tuesday after Verizon Communications  agreed to pay $130 billion to buy the British company out of its U.S. wireless business, Verizon Wireless. (AP) Shares in Vodafone opened 1.2 percent down on Tuesday after Verizon Communications agreed to pay $130 billion to buy the British company out of its U.S. wireless business, Verizon Wireless. (AP)
SummaryShares in Vodafone opened 1.2 percent down on Tuesday after Verizon Communications agreed to pay $130 billion to buy the British company out of its U.S. wireless business, Verizon Wireless.

Shares in Vodafone opened 1.2 percent down on Tuesday after Verizon Communications agreed to pay $130 billion to buy the British company out of its U.S. wireless business, Verizon Wireless.

Vodafone shares fell to 209.5 pence, valuing the company at around 101 billion pounds ($157.20 billion). Vodafone shares had risen to their highest level since April 2001 on Monday.

Verizon Communications agreed on Monday to buy Vodafone out of Verizon Wireless in a cash and shares agreement - history's third largest corporate deal.

For the British group, the accord will allow it to return 71 percent of the net proceeds, or $84 billion including all of the stock, to shareholders while also ramping up investment in its networks to set itself apart from rivals.

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