Verizon readies $100bn offer for Vodafone stake in US network

ZON

ZON’S board will meet this week to discuss a bid for Vodafone’s stake in the two companies’ US joint venture.

The firm, which owns 55 per cent of mobile network Verizon Wireless compared to Vodafone’s 45 per cent stake, is understood to be moving closer to a bid that would see it take full control.

Verizon’s chief executive Lowell McAdam is reportedly set to make an offer of around $100bn (£64.7bn) for Vodafone’s stake, although sources at the FTSE 100 firm have suggested that this would not nearly be enough to lead to a deal.

The future of Verizon Wireless has been the source of much speculation recently, although Vodafone chief Vittorio Colao is not believed to be under any pressure to sell. Vodafone’s shares have reached highs not seen since 2002 on the speculation.