Vodafone has rejected the offer of Iliad and Apax Partners who wanted to acquire 100% of Vodafone Italy. According to the board of directors of the British group, the green light for the preliminary expression of interest would not have been "in the best interests of the shareholders". The group further specified that it "continues to pragmatically pursue various value-augmenting market consolidation opportunities to provide sustainable market structures in its core European markets, including Italy." This can be read in a note released in the early afternoon of Thursday 10 February, after many rumors in the morning had spoken of a possible refusal due to the price, considered too low by Vodafone. On the plate, according to rumors, Iliad and Apax had put 11 billion euros.
Iliad's offer, which according to what was stated by Vodafone would also involve the private equity Apax, had arrived on the table of the board of directors of the British giant last week, after the go-ahead from the latter to third quarter accounts, after weeks of rumors that reported a possible marriage between Vodafone and Iliad in Italy in an attempt to put an end to the ruthless competition that exists in our country.
A few days earlier, Vodafone CEO Nick Read had spoken about possibility of consolidation, through merger operations, in markets such as the UK, Spain, Italy and Portugal, confirming what was already said last November. “We are active on several fronts and see good engagement from our counterparties, which confirms that we have a number of potential opportunities to shape the business with stronger assets in healthier markets and unlock value for our shareholders. We are approaching consolidation with speed and determination,” said the manager.
