Vodafone wants 100% of Panafon

2 Dec 2003

The Vodafone Group has offered GBP846 million (EUR1.01 billion) in cash for the remaining 25.21%, or 136.9 million shares, in its Greek subsidiary Vodafone Panafon that it does not already own. The asking price of GBP6.18 is 6.9% higher than the cellco’s stock average closing price of GBP5.78 in the year to the end of November. Last week Vodafone revealed plans to buy out the 9.4% stake in its Greek subsidiary Vodafone Panafon owned by Intracom.