ONO shareholders approve IPO plans; Vodafone acquisition still being considered

14 Mar 2014

Shareholders of Spanish cableco Grupo Corporativo ONO have reportedly approved plans for a stock market listing, according to Reuters, with the development coming despite a renewed bid for the company made by UK-based telecoms giant Vodafone Group. However, the decision to approve the plan to list is not thought to have ruled out a takeover by Vodafone, with one unnamed ONO shareholder cited as saying: ‘For now, the shareholders have given the go-ahead for the launch of a stock market listing, but that does not mean that in the coming days a deal won’t be reached with Vodafone and that the company won’t be sold.’ Meanwhile, Bloomberg, quoting other people familiar with the matter, has claimed that ONO will slow preparation work on the initial public offering (IPO) with a view to allowing time to agree a possible sale to Vodafone. It has been suggested that the Spanish company may postpone the official announcement of its intention to float, while investor meetings to discuss the listing could be pushed from this week to next week, as it continues talks with the British group.

Spain, Grupo Corporativo ONO, Vodafone Group