10th May 2005 07:01
Vodafone Group Plc10 May 2005 10 May 2005 VODAFONE OMNITEL N.V. The Board of directors of Vodafone Omnitel N.V. (Vodafone Italy) has approved aproposal to buy back issued and outstanding shares at a value of approximately€7.9 billion (£5.4 billion). If the proposal is approved by the shareholders ofVodafone Italy, participation in the buy back will be invited on a pro ratabasis in two tranches, the first in June 2005 and the second expected to occurin October 2005. After the transaction is completed, Vodafone (Vodafone GroupPlc) and Verizon (Verizon Communications, Inc) will continue to holdapproximately 77% and 23% indirectly through their wholly-owned subsidiaries. Itis anticipated that the buy back will be funded from currently available andforecast available cash of Vodafone Italy. - ends- For further information:Vodafone Group Simon Lewis, Group Corporate Affairs DirectorTel: +44 (0) 1635 673310 Investor Relations Media RelationsCharles Butterworth Bobby LeachDarren Jones Ben PadovanSarah MoriartyTel: +44 (0) 1635 673310 Tel: +44 (0) 1635 673310 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Vodafone