Vodafone Completes KDG Offer; Appoints Ex-Sunrise CEO To Board

(Alliance News) - Vodafone Group PLC on Thursday said its Duesseldorf-based subsidiary, Vodafone ...

Alliance News 11 February, 2021 | 11:29AM
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(Alliance News) - Vodafone Group PLC on Thursday said its Duesseldorf-based subsidiary, Vodafone Vierte Verwaltungs AG, has completed its tender offer for Kabel Deutschland Holding AG shares, after it was cleared by German regulators.

In December 2020, the Berkshire, England-based telecommunications company and its subsidiary announced a tender offer to all other shareholders of KDG. Vodafone said it would offer EUR103 in cash for each KDG share - resulting in a total consideration of EUR2.12 billion.

The FTSE 100 constituent said the offer would be beneficial to the company and will reduce Vodafone's exposure to ongoing legal proceedings related to the KDG acquisition. Vodafone first announced its intention to acquire KDG in June 2013 via a voluntary public takeover offer. The offer completed in October 2013 and resulted in Vodafone owning 76.8% of KDG.

The Munich District Court in 2019 ruled that the compensation Vodafone paid was "adequate", but a number of KDG minority shareholders appealed this decision, triggering an appeals process "which has now commenced and is expected to take several years to complete", Vodafone said in December.

Separately, the blue-chip telecommunications firm has appointed Olaf Swantee as a non-executive director.

"Olaf Swantee has extensive experience of the telecommunications sector and a consistent record of creating shareholder value. He was CEO of Sunrise Communications AG between 2016 and 2020 and transformed the company's brand, network and services to establish it as the quality challenger in the Swiss market," Vodafone said.

It continued: "Prior to that he was CEO of EE, where he successfully merged Orange UK and T-Mobile to create the UK's leading operator following the sale to BT Group PLC. Before EE, Swantee held a number of senior positions at France Telecom, now Orange Group, Hewlett-Packard, Compaq Computer and Digital Equipment."

Mobile Zone, a company listed on the Swiss stock exchange, has announced Swantee will be proposed to be appointed as its chair at its AGM in April 2021.

Swantee is currently a non-executive director of Telia, but will step down from the role in April.

Shares in Vodafone were trading 0.2% higher in London on Thursday mid-morning at 133.28 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Vodafone Group PLC 127.68 GBX -2.01

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