London Etisalat has acquired a 9.8 percent stake in Vodafone as part of its global expansion. As the state-controlled group announced on Saturday, they want to keep the $4.4 million stake in the British company for the long term and are not interested in taking over more Vodafone shares.
This makes Etisalat the largest single shareholder in the group, ahead of the US asset managers Blackrock and Vanguard and the major British bank HSBC. The move comes at a time when activist investor Cevian is pushing Vodafone to simplify its business model and make acquisitions to boost returns.
In mid-April it became known that Philippe Rogge, who is currently in charge of Microsoft’s Eastern European business, was the new head of Vodafone Germany. On July 1, Rogge will replace the current CEO, Hannes Ametsreiter, who has headed the British telecommunications group’s top-selling national company since October 2015.
More to come.
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