Vodafone Buying out Greek Shareholders

Vodafone is launching an offer to buy out all the remaining minority shareholders in its Greek subsidiary, Vodafone-Panafon. Vodafone recently took another 10% chunk of the company, when it brought out Intracom's 9.433% stake. Vodafone directly or indirectly owns approximately 406 million shares in Panafon, representing 74.795% of the shares and votes in Panafon. Vodafone's offer price represents a premium of approximately 6.9% compared to Panafon's volume-weighted average closing share price during the 12 months prior to 28 November 2003, being the last business day prior to Vodafone informing the Hellenic Capital Market Commission ('CMC') of its decision to launch the Offer.

Subject to reaching 95% or more of the total voting rights in Panafon, Vodafone intends to seek the delisting of Panafon shares from ATHEX and the London Stock Exchange in accordance with applicable regulations.

Vodafone says that the offer is consistent with Vodafone'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 2nd December 2003