Vodafone to increase stake in Vodafone-Panafon
Sheffield, UK and Worldwide, November 28, 2003 /Wi-Fi Technology News/- Vodafone Group Plc ("Vodafone") announced (on 26 November 2003) that it has entered into an agreement to acquire from Intracom S.A ("Intracom") 51,250,000 shares in Vodafone-Panafon Hellenic Telecommunications Company S.A. ("Panafon").
The shares to be acquired represent 9.433% of the outstanding shares of Panafon. The consideration will be ?6.18 per share in cash, representing a total consideration of ?316.725 million and will be satisfied from existing cash resources.
As a result of this transaction, Vodafone's effective shareholding in Panafon will increase from 65.362% to 74.795%. The transaction will be executed as a block trade in accordance with the rules and regulations of the Athens Exchange. Panafon and Intracom expect to continue their cooperation in the Greek market.
This transaction is consistent with Vodafone?s stated strategy of selectively increasing its stakes in existing operations, where opportunities arise for the creation of enhanced shareholder value.
For further information:
Vodafone Group
Tim Brown, Group Corporate Affairs Director
Tel: +44 (0) 1635 673310
Source: Vodafone http://www.vodafone.com
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