Vodafone Raises Greek Investment

Vodafone is buying out a minority shareholder in its Greek subsidiary, Vodafone-Panafon. The company is paying US$373 million for the 9.4% stake owned by the Greece based, Intracom.

As a result of this transaction, Vodafone's effective shareholding in Panafon will increase from 65.362% to 74.795%. The transaction will be executed as a block trade in accordance with the rules and regulations of the Athens Exchange. Panafon and Intracom expect to continue their cooperation in the Greek market.

Vodafone said that the transaction is consistent with it's stated strategy of selectively increasing its stakes in existing operations, where opportunities arise for the creation of enhanced shareholder value"

Posted to the site on 27th November 2003