Vodafone shares dive as Verizon denies bid

(Source: Yahoo! Finance)

Vodafone shares have crashed from a close of 192p to 186p on market opening this morning after Verizon denied a bid for the telecoms giant. Our tech specialist James Titcomb on the Vodafone story:

Although Verizon said yesterday that it “did not currently have any intention to merge with or make an offer for Vodafone, whether alone or in conjunction with others,” speculation has been growing in recent months that a conclusion to the VZW saga is likely to be agreed sometime this year.

One former Vodafone executive told City A.M. last night: “The way [VZW] has been held, given the huge appreciation in value, capital gains tax could have to be paid. It has been a major issue, it could be so big that it puts [Vodafone] off selling [the stake].”

(Full article)