Iliad Group Says Vodafone Rejected Revised Proposal to Merge Italian Businesses

By Ian Walker

The Iliad Group said that Vodafone Group has rejected a revised proposal to merge their Italian businesses.

The European telecom company said Wednesday that under the new proposal Vodafone would get 6.6 billion euros ($7.16 billion) in cash and EUR2.0 billion of shareholder loan while Iliad would get EUR400 million of cash and EUR2.0 billion of shareholder loan.

It said that Vodafone failed to accept this offer.

Vodafone said that it is no longer in talks with Iliad, but talks with others continue. "We said in December that we are exploring options with several parties in Italy. We are no longer in talks with Iliad, but our discussions with others continue," it said.

Iliad Group said that Iliad Italia will now pursue its stand-alone strategy building-on its track record.

Vodafone shares at 0900 GMT were down 2.19 pence, or 3.2%, at 66.56 pence. They are currently down 29% over the past 12 months.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

January 31, 2024 04:22 ET (09:22 GMT)

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