Vodafone selling China Mobile stake

Vodafone selling China Mobile stake

Vodafone sold a stake in China Mobile Ltd. for $6.5 billion. The deal includes the sale of 642.9m shares in China Mobile via an accelerated bookbuilding. China Mobile fell the most in more than a year in Hong Kong trading.

Vodafone acquired its 3.2 percent stake in China Mobile in two transactions between 2000 and 2002 for $3.25 billion. The firm insisted that despite the sell-off it would continue cooperating with China Mobile.

CEO Vittorio Colao said: “Today's transaction achieves a near doubling of Vodafone's original investment in China Mobile and combines our stated portfolio strategy with ongoing cooperation with China's leading telecommunications company."