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Vodafone says ‘no’ to Iliad's Italian offer, but still open to merger opportunities

11 Feb 2022

Vodafone Group has rejected a takeover bid from French telco Iliad for 100% of its fixed and mobile business in Italy. Vodafone said the EUR11.25 billion (USD12.9 billion) offer was ‘not in the best interests of shareholders’. In a statement, the UK-based group said that it ‘continues to pragmatically pursue several value accretive in-market consolidation opportunities to deliver sustainable market structures in its major European markets, including Italy’.

Iliad, which had linked up with Apax Partners to make the non-binding offer, responded by saying its 100% cash bid represented a ‘very high premium’ and came with the backing of a strong financial partner. It also tied in with Vodafone Group’s aim of consolidation in Italy, it added. The French firm says it will now ‘pursue its stand-alone strategy with its great track record’, having attracted 8.5 million mobile customers in Italy since its launch in May 2018 and recently entered the fixed broadband sector.

Italy, Iliad, Iliad Italy, Vodafone Group, Vodafone Italy

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