UK must wait until 2011 for new spectrum sale
Published: 29 January, 2010
READ MORE: Spectrum | UK | Regulator | LTE
Continued ...
Also in the UK, Vodafone's investors are restive again and some are even calling for the break-up of the massive cellco. According to the London Financial Times, CEO Vittorio Colao risks facing a demand for break-up, if he cannot find a solution to the underperformance of the European operations, Vodafone's heartland. They also want him to find a way to extract cash from the US joint venture, Verizon Wireless. The FT says he needs to "close the gap between [Vodafone's] market capitalization and analysts' 'sum-of the-parts' valuations." One option would be to split the company between its European and its emerging markets operations, and sell out the 45% share in Verizon Wireless to partner Verizon Communications, which has made no secret of its desire to have full control of the strong player.
The US operator accounts for 37% of Vodafone's earnings but none of its cashflow - it has not received a Verizon Wireless dividend since 2005 and is unlikely to do so until at least 2012. Citi analysts value the 45% stake at $44.5bn.
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