Vodafone inches closer to full ownership of Panafon

26 Jan 2004

The Vodafone Group has completed the purchase of an additional 40,220,500 Panafon shares for EUR249 million, equivalent to 7.403% of the company, raising its shareholding in the Greek cellco to 98.228%. Since the beginning of December 2003 Vodafone has bought 87,094,515 shares, or 16.03% of Panafon’s share and voting capital. The UK giant has made public its desire to take full control of the Greek unit, which had over 3.78 million users at the end of September 2003.