Vodafone Greek merger cheered

Vodafone regained some lost ground yesterday as the market appeared to warm to its deal to merge its Greek operations with a rival. It is in talks to fully merge with Wind Hellas in a deal that would create a duopoly in Greece. Analysts say Vodafone would achieve substantial savings through the tie-up as well as increasing its ability to compete with clear market leader Cosmote. The deal may still hit a snag with regulators uneasy about reducing the size of the market. The Greek telecoms industry has been hit hard by the country’s economic woes, with Vodafone’s service revenue slumping by almost a fifth last year. Vodafone shares rose two per cent.