Phone operator Vodafone tables a £5bn bid for Ono

Mobile phone operator Vodafone has reportedly tabled a seven billion euro (£5.8bn) bid for Spanish cable company Ono as it attempts to revive its European business

Vodafone
Vodafone

Mobile phone operator Vodafone has reportedly tabled a seven billion euro (£5.8bn) bid for Spanish cable company Ono as it attempts to revive its European business.

The report suggests the UK-based group is preparing to spend some of the proceeds of its 130bn US dollar (£78bn) sale of its stake in US mobile phone operator Verizon Wireless. It comes days after chief executive Vittorio Colao said the Verizon deal would leave Vodafone well positioned and with “the financial and strategic flexibility to make further investments in the business or returns to shareholders in the future”.

Sources told the Sunday Times that the formal offer for Ono will be discussed by the Spanish firm’s board tomorrow and Vodafone has for several weeks been negotiating with its backers.

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