Vodafone (VOD) Stock Advances, Decides Against Emerging Markets Unit Spinoff
NEW YORK (TheStreet) -- Vodafone (VOD) - Get Report stock is rising by 1.62% to $34.24 in late afternoon trading on Wednesday, as the mobile communications company is no longer considering spinning off its emerging markets unit.
Synergies from the division, which includes interests in India, Africa, New Zealand, Qatar and Turkey, prompted the decision to keep the group united, CEO Vittorio Colao said at an investors conference today, according to Reuters.
Vodafone considered spinning off its emerging markets unit to help facilitate a possible deal with Liberty Global (LBTYA) this summer, but those talks ultimately collapsed, Reuters adds.
The company decided that a split would not add further value.
"We're open-minded. If one day there is a better option we will look at it," Colao said, Reuters reports.
Additionally, yesterday Vodafone announced that it is preparing to list its Vodafone India division separately, with the timing dependent upon market conditions.
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