Report by Arete Research
With Liberty Global recently taking a 4.9% stake in its rival, it means there are now three major shareholders on VOD’s register who might be interested in acquiring assets. With the next CEO likely to be given a mandate to radically simplify the business, Alex Pound examines the impact of several deals that could be made include selling Vodacom to e& and reopening discussions with Iliad to sell Italy, with VOD aiming to slim down to an EU footprint spanning 6-8 geographies. His transaction-boosted fair value is 159p (~60% upside).