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Thursday, September 17, 2009

Will Vodafone’s cost-cutting involve ditching its Verizon stake?

Vodafone CEO Vittorio Colao says the company will provide an update on its cost-cutting measures in November, a year after it announced its intention to cut £1 billion from its costs.

He described the planned update as something “to increase this cost reduction effort which I think will not disappoint investors”, which has prompted some analysts to suggest that Vodafone may be thinking of selling its 45% share in Verizon Wireless. However, he described the joint venture as a good investment, saying “for the time being we are here”. [Sources: WSJ.com; Telegraph.co.uk]

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