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Vodafone Still Eying Bid for Spain's Ono as Shareholders Approve IPO

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Shareholders at Spain's Grupo Corporativo Ono have approved plans for the company to seek a stock market listing, even though they are also still in talks about a possible takeover by Vodafone.

Vodafone has been in talks with the company for some months, although the main issue appears to be that the price being offered by Vodafone is noticeably lower than the shareholders are seeking.

Vodafone is said to have raised its offer to EUR7.2 billion (USD10 billion), but there is still a debate about how the company's EUR3.3 billion of debt will be accounted for.

If a deal cannot be agreed, then Ono will be listed on the Madrid stock exchange in March.

Ono is a privately owned company, and its cable network has around 1.7 million customers, and its network covers about 70 percent of the country. Vodafone has a mobile network in Spain and would be expected to merge the two companies into a single telecoms operator.

The move towards integrated telecoms networks is one that Vodafone is pushing ahead with, and has made a number of landline acquisitions over the years to that end.

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Tags: ono  vodafone  Spain