Vodafone Confirms Kabel Deutschland Approach

British mobile operator Vodafone said on Wednesday it had made an offer to buy Germany’s biggest cable company Kabel Deutschland, confirming a media report overnight.

Vodafone has been pursuing a possible 10 billion euro ($13.3 billion) bid for the German cable operator since earlier this year, and hired Goldman Sachs to advise on options in February, sources told Reuters at the time.

It would be Vodafone’s biggest deal since it entered India in 2007 and mark a change in strategy for the group that has long has owned largely mobile operations in continental Europe and relied on renting broadband lines from competitors.

Shares in Vodafone, which went ex-dividend on Wednesday, extended declines, and were trading down 5.7 percent at 180.95 pence at 0718 GMT (3.18 a.m. EDT). Kabel Deutschland shares rose 8.1 percent.

Source : Ahram

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