Verizon Communications CEO Ivan Seidenberg wants out of the company's Verizon Wireless joint venture with Vodafone, telling the Financial Times that since Verizon is "doing 100 percent of the work," he wants 100 percent of the earnings.
Vodafone and Verizon's relationship has been a tense one at best since the two joined their U.S. wireless assets eight years ago, with Vodafone keeping a 45 percent stake. Verizon last tried to buy out Vodafone in 2006.
While Sedenberg said he doesn't expect a sale to happen overnight, he in putting more pressure on Vodafone to sell, especially with Vittorio Colao stepping in as new Voda CEO in July.
Analysts say Vodafone's ownership stake now is worth about $60 billion, up $10 billion since 2006.
For more:
- See the Financial Times story [1]
Related articles:
Vodafone hanging on to Verizon Vodafone article [2]
Vodafone investor: Restructure 45% VZW stake Vodafone investor article [3]
Vodafone new CEO Colao article [4]
Links:
[1] http://www.ft.com/cms/s/0/cbeb15ca-43a5-11dd-842e-0000779fd2ac,dwp_uuid=e8477cc4-c820-11db-b0dc-000b5df10621.html
[2] http://www.fiercewireless.com/story/vodafone-hanging-verizon/2007-08-07
[3] http://www.fiercewireless.com/story/vodafone-investor-restructure-45-vzw-stake/2007-06-07
[4] http://www.fiercewireless.com/press-releases/vodafone-announces-new-chief-executive