Vodafone’s largest shareholder has upped its stake in the group.
Emirati mobile network operator e& also held talks about the telecom giant’s non-executive board, piling yet more pressure on the underperforming business.
Previously known as Etisalat, e& increased its holding in the FTSE 100 group to 14.6 per cent from just over 14 per cent previously, according to a filing in the US.
Emirati mobile network operator e& also held talks about the telecom giant’s non-executive board, piling yet more pressure on the underperforming business
The move gives e& control of around 3.9bn Vodafone shares worth nearly £3.6billion.
Vodafone shares rose 1.5 per cent, or 1.37p, to 91.05p.
The investor, which is controlled by the government of the United Arab Emirates, has been slowly expanding its stake in Vodafone after initially snapping up a 9.8 per cent holding in May last year.
Alongside its purchase of more shares, e& also said it had begun ‘preliminary discussions’ earlier this month about the composition of the group’s non-executive directors. Vodafone declined to comment.
The talks are the first indication that the major investor is unhappy with the current direction of Vodafone’s business, which over the last six months has been buffeted by a weak performance in its core German market as well as the exit of chief executive Nick Read at the end of 2022.
While chief financial officer Margherita Della Valle has been brought in as interim boss to steady the ship, the process to appoint a successor has dragged on for nearly four months.
The turmoil at the top, as well as its sluggish business performance, has ratcheted up pressure on Vodafone, with other players in the industry circling the firm.
In February, US telecoms giant Liberty Global snapped up a 5 per cent stake in the company, citing ‘interesting catalysts’ for value creation.
French tycoon Xavier Niel, the founder of internet and mobile operator Iliad, also announced in September that he had bought a 2.5 per cent stake through his vehicle Atlas Investissement.
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