Vodafone has sold its 3.2 per cent stake in the Hong Kong-listed China Mobile for $6.5 billion. Vodafone hired the services of three banks Goldman Sachs, Morgan Stanley and UBS – to carry out this transaction. The sale is part of Vodafone’s strategy to divest its minority holdings in telecom assets across the world. The strategy follows complaints from investors who contend that Vodafone’s policy of owning assets it does not control has not generated enough returns and should, therefore, not be considered essential for its business. After the current deal, other assets lined up for sale include Vodafone’s 25 per cent stake in Poland’s Polkomtel and France’s SFR.
