Vodafone is selling its 3.2% share in China Mobile for GBP4.3 billion (USD6.6 billion), as part of its strategy of disposing of minority stakes. According to the Financial Times Vodafone has said that 70% of the proceeds from the sale would be returned to shareholders in the form of a share buyback, with the remainder used to reduce the UK group’s net debt, which stands at GBP33.3 billion. Vodafone has agreed to sell its entire stake to banks led by Goldman Sachs, Morgan Stanley and UBS. The banks will in turn sell the stake on to institutional investors. ‘Today’s transaction achieves a near doubling of Vodafone’s original investment in China Mobile and combines our stated portfolio strategy with ongoing co-operation with China’s leading telecommunications company,’ Vodafone CEO Vittorio Colao said in a statement.