Vodafone sells entire stake in China Mobile for $6.6 billion
08 Sep 2010
Vodafone, the world's biggest mobile operator by revenue, yesterday sold its entire 3.2 per cent stake in China Mobile, China's largest mobile carrier for $6.6 billion.
The 642.87 million shares of China Mobile were sold at a bottom range of HK$79.20-HK$80 per share representing a discount of 3.4 per cent to China Mobile's mid-trading price of HK$78.85.
The sale was part of Vodafone's plan to sell non-core minority holdings that are not critical to its business.
London-based Vodafone had acquired the stake for approximately $3.25 billion in two transactions between 2000 and 2002, and sold the stake immediately after the expiry of the lock-in period.
China Mobile, nearly 75 per cent owned by the state, is the world's biggest mobile company by market value with a customer base of 558,928 million as of July 2010.
Morgan Stanley, UBS and Goldman Sachs managed the offer.