Vodafone's Top Backer E& Discusses Board Changes And Ups Stake
he Abu Dhabi-based company, which is majority owned by the United Arab Emirates's sovereign wealth fund, now owns 14.6% of Vodafone, up from 14%
Bloomberg
Photo: Bloomberg
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By Thomas Seal
Vodafone Group Plc’s biggest shareholder, Emirates Telecommunications Group Co., has opened talks with the troubled British telecom group to push for changes on its board.
Vodafone’s shares, which have been steadily declining for years, have dropped about 25% since e& announced its initial holding in May. The telecom company in December ousted Chief Executive Officer Nick Read — who struggled to appease investors with moves to streamline the business and sell assets — and the board hasn’t yet named a replacement to lead Vodafone’s turnaround.
Vodafone rose 2% to 91.51 pence at 10:30 a.m. in London trading on Tuesday.
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Two of Vodafone’s non-executive directors — Clara Furse and Crispin Davis — may step down as soon as this year because they’ve served the maximum, nine-year term recommended under the UK’s corporate governance code.
What Bloomberg Intelligence Says:
— Erhan Gurses, BI telecoms analyst
E&, which has said it has regulatory approval to raise its stake in Vodafone to 15%, has explored a potential investment in Vodafone’s African business, Vodacom Group Ltd., people familiar with the matter have said.
First Published: Apr 25 2023 | 4:27 PM IST
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