Vodafone's Top Backer E& Discusses Board Changes And Ups Stake
he Abu Dhabi-based company, which is majority owned by the United Arab Emirates's sovereign wealth fund, now owns 14.6% of Vodafone, up from 14%
Bloomberg
Photo: Bloomberg
Listen to This Article
By Thomas Seal
Vodafone Group Plc’s biggest shareholder, Emirates Telecommunications Group Co., has opened talks with the troubled British telecom group to push for changes on its board.
Vodafone’s shares, which have been steadily declining for years, have dropped about 25% since e& announced its initial holding in May. The telecom company in December ousted Chief Executive Officer Nick Read — who struggled to appease investors with moves to streamline the business and sell assets — and the board hasn’t yet named a replacement to lead Vodafone’s turnaround.
Vodafone rose 2% to 91.51 pence at 10:30 a.m. in London trading on Tuesday.
 "Graph")
Two of Vodafone’s non-executive directors — Clara Furse and Crispin Davis — may step down as soon as this year because they’ve served the maximum, nine-year term recommended under the UK’s corporate governance code.
What Bloomberg Intelligence Says:
— Erhan Gurses, BI telecoms analyst
E&, which has said it has regulatory approval to raise its stake in Vodafone to 15%, has explored a potential investment in Vodafone’s African business, Vodacom Group Ltd., people familiar with the matter have said.
First Published: Apr 25 2023 | 4:27 PM IST
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more
JPMorgan And Small Caps Lead Market Rally: A Sign Of Economic Optimism
In a week marked by strong financial performance, JPMorgan Chase & Co. reported a 25% rise in profits, and US small-... Read more
Big Banks Vs. Regional Banks: The Battle For Market Share
The financial industry is a competitive landscape where big banks and regional banks vie for market share. Each type of ... Read more
The Evolution Of Philanthropic Advisory Services In Private Banks
The landscape of philanthropic advisory services provided by private banks has undergone a significant transformation. T... Read more