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.