Millennium Post

Verizon denies Vodafone buy-out bid with AT&T

US-based telecom operator Verizon has denied speculation it was preparing a joint bid with AT&T to buy out British mobile phone giant Vodafone and divide up its assets between them.

'As Verizon has said many times, it would be a willing purchaser of the 45 per cent stake that Vodafone holds in Verizon Wireless. It does not, however, currently have any intention to merge with or make an offer for Vodafone, whether alone or in conjunction with others,' Verizon said in a statement filed on Tuesday with the Securities and Exchange Commission.

Verizon noted press speculation regarding a potential merger with Vodafone.

Vodafone shares plunged 3.28 per cent on the London stock exchange hours after the denial, more than erasing a 2.89 per cent gain on Tuesday. The benchmark FTSE-100 was down 0.41 per cent.
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