A BILLIONAIRE has rung Vodafone with an offer to merge their Italian businesses in the latest sign of the telecom firm’s shrinking global ambitions.
Xavier Niel, who has been called the French Steve Jobs for shaking up the tech industry, bought a 2.5 per cent stake — worth £465million — in Vodafone last year.
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Its shares jumped by as much as 7 per cent yesterday after Mr Niel’s proposal emerged.
It would hand the FTSE 100 company half the equity in the enlarged Italian business, £5.6billion in cash and a £1.7billion shareholder loan.
Mr Niel’s offer comes two years after his £9.4billion straightforward takeover approach for Vodafone’s Italian business was rejected.
His phone business ILIAD argues that a tie-up will help speed-up the rollout of 5G in Italy and rival Telecom Italia.
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The tycoon started out building software for sex websites before launching France’s internet service provider, as well as Italy’s Iliad.
Mr Niel said at the time of taking the Vodafone stake that he would support consolidation opportunities.
Vodafone is also understood to be in talks with other parties, including Fastweb, owned by Swisscom, about merging its Italian unit.
The talks come as Vodafone chief exec Margherita Della Valle tries to slim down operations, with 11,000 jobs to go in the next three years.
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In October Vodafone sold its Spanish operations.
And it is still in a process to merge its UK network with THREE.
Analyst Paolo Pescatore, at PP Foresight, said: “Two decades ago Vodafone was on a spending spree and making acquisitions all over the world.
“Now it has lost its mojo in each of its key markets.”
A NAS-DY SHOCK
THE boss of the Nasdaq stock exchange has revealed she is actively lobbying to lure British companies to switch to a US listing instead.
Karen Snow, global head of listings, told Radio 4 there were talks with UK firms to float next year. It comes after Brit chip-maker ARM snubbed London for Nasdaq.
Less than £1billion has been raised on the London Stock Exchange this year — the worst for new listings since records began in 1995.
Companies raised £10billion on the Nasdaq this year.
AN IMPULSE BUY
SOME of Britain’s best-loved beauty brands, including Brylcreem and Impulse, are being sold by Unilever.
It has sold a division of 20 bathroom cabinet staples, which it called Elida Beauty, to a Boston-based private equity firm.
It is the third asset sale to private equity made by the FTSE 100 consumer giant, after selling its Flora spreads to KKR and PG Tips to CVC Capital Partners.
Unilever paid £1.1billion for a stable of personal care brands in 2009 but refused to give a sale price yesterday.
WARHAMMER TIME FOR FILM
ALMOST a year after promising Warhammer fans the tabletop wargame would be coming to life on screens, Games Workshop has confirmed it has sealed a deal with Amazon.
Warhammer enthusiast Henry Cavill, the actor best known for his roles as Superman and The Witcher, is leading the project and is involved in production.
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He will also star in any series or movie.
Games Workshop said: “This illustrious group will be championed by Henry Cavill, who will take his place as executive producer and bring his pen, sword or spear to the project.”
The tie-up had been held up by the writers’ and authors’ strikes but it will be a big boost for the Nottingham-based wargames company, now valued at £3.2billion.
Games Workshop has 530 shops and was started 50 years ago by three schoolfriends.
OCTOPUS PUMPED UP £625M
PACKERS of OCTOPUS ENERGY have pumped another £625million into the company to help roll out more heat pumps and recruit for 3,000 more green jobs in the UK.
The energy company, which recently bought Shell Energy and BULB out of bankruptcy, is now valued at £6.2billion — £1billion less than market leader Centrica.
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Octopus Energy has 7.2million customers globally.
It has recently built a wind farm in Sierra Leone in a bizarre collaboration with actor turned philanthropist Idris Elba.
Its tech software arm, Kraken, is also used by bigger energy rivals including France’s EDF and Germany’s E.ON.
The company recently developed its own heat pump models and said demand had risen sixfold since October.
Greg Jackson, Octopus Energy founder, said: “We will invest to accelerate our growth and create a truly global clean energy giant.”
THE UK economy is to “limp along” next year, according to KPMG.
The firm predicts the UK economy will grow 0.5 per cent next year, and 1 per cent in 2025.
It expects inflation to ease to 2.8 per cent in 2024.
MONZO’S SHAMING
DIGITAL bank Monzo has been hit by a backlash after it sent customers a personalised annual review that shamed their spending habits.
Monzo used data to let customers know whether they were in the top 5 per cent of spenders at outlets including Greggs and Wetherspoons.
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One user on X/Twitter said “Is Monzo calling me an alcoholic?”.
Someone with an Onlyfans subscription posted: “Why is Monzo snitching on me?”
