Verizon Communications Forcing Vodafone to sell stake in Verizon Wireless?
The word is that Vodafone are up in arms due to majority partner Verizon Communications has blocked attempts to reinstate a dividend even though the company is close to paying down their Â£12.1 billion dept reports an article over on cityam.
Apparently Vodafone believes that Verizon Communications is trying to force Vodafone to sell their 45% share which would leave Verizon Communications as the single stakeholder; however a source close to the Vodafone board has said that Vodafone will not cave in.
The unnamed source states that “Verizon Communications would love to get the chance to snap up Vodafone’s holding. But they won’t force us out — they can try to pressurise us but we will not blink first.”
Word has it that a decision will not be taken until the takeover of Alltel related Verizon Wireless dept is paid down which is expected to be towards the end of next year. Vodafone Chief Exec, Vittori Colao has said of the situation that it is the “defining challenge,” of his time at the helm of Vodafone.