Why Vodfone (VOD) Is Falling Today

NEW YORK (TheStreet) -- Vodafone (VOD) was falling 3% to $39.84 Friday following reports that the telecom signed a preliminary agreement to buy Spain's Ono.

Two sources familiar with the matter told Reuters that Vodafone recently met with the cable group to discuss an acquisition. The discussions come just two weeks before Ono's planned IPO on the Madrid stock exchange on March 13. Because of the impending IPO one source said the telecom's offer would have to be "substantial."

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