Telecoms giant Vodafone staged a late surge on Tuesday as traders digested reports out of Japan that the business could be a takeover target.
Shares in the company rose as much as 1.6pc in afternoon dealings, boosted by a story in the Nikkei Asian Review which speculated that Japanese mobile business Softbank could have the British business in its sights.
The report hinged on Softbank boss Masayoshi Son being questioned during an earnings briefing about his company’s decision to abandon its pursuit of T-Mobile US. Asked about alternative targets, he was reported to have said he constantly thinks about options, and one anonymous Softbank executive was quoted as saying he “wouldn’t be surprised if the company acquired Vodafone since we are no strangers to each other”. Mr Son got to know Vodafone when he bought the company’s Japanese business in 2006.
The story was enough to see shares in FTSE 100-listed Vodafone end the day up 2.2p at 208.9p, having eased back in final dealings. Industry sources said no approach had been made. Vodafone declined to comment.
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