Vodafone Group Plc.
VODAFONE TO INCREASE STAKE IN VODAFONE-PANAFON
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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26 November 2003
VODAFONE TO INCREASE STAKE IN VODAFONE-PANAFON
Vodafone Group Plc (“Vodafone”) announces today that it has entered into an
agreement to acquire from Intracom S.A (“Intracom”) 51,250,000 shares in
Vodafone-Panafon Hellenic Telecommunications Company S.A. (“Panafon”). The
shares to be acquired represent 9.433% of the outstanding shares of Panafon. The
consideration will be EUR 6.18 per share in cash, representing a total
consideration of EUR 316.725 million and will be satisfied from existing cash
resources.
As a result of this transaction, Vodafone’s effective shareholding in Panafon
will increase from 65.362% to 74.795%. The transaction will be executed as a
block trade in accordance with the rules and regulations of the Athens Exchange.
Panafon and Intracom expect to continue their cooperation in the Greek market.
This transaction is consistent with Vodafone’s stated strategy of selectively
increasing its stakes in existing operations, where opportunities arise for the
creation of enhanced shareholder value.
For further information:
Vodafone Group
Tim Brown, Group Corporate Affairs Director
Tel: +44 (0) 1635 673310
Investor Relations
Melissa Stimpson
Darren Jones
Tel: +44 (0) 1635 673310
Media Relations
Bobby Leach
Ben Padovan
Tel: +44 (0) 1635 673310
end of ad-hoc-announcement (c)DGAP 26.11.2003
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WKN: 875999; ISIN: GB0007192106; Index: Stoxx 50
Listed: Amtlicher Markt in Frankfurt (General Standard/Dt. Zert.); Freiverkehr
in Berlin-Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
261915 Nov 03
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