10th Nov 10
Vodafone could bid for TalkTalk
by Harry Oldfield
Growing speculation that HSBC could make a proposal to acquire TalkTalk Telecom, shares for the popular broadband provider have soared.
The internet, mobile and home phone provider, which most recently demerged from partner Carphone Warehouse, is the second biggest broadband company in the UK, next to BT. With over 4 million subscribers, Vodafone has also been tipped as a possible buyer for the telecom firm.
Vodafone chief executive, Vittorio Colao has earned widespread confidence with an increased market interest showing impressive interim figures. He said yesterday that he aims to make a better Vodafone. In September, the Vodafone boss sold the company’s stocks in China Mobile and also plans to sell shares in Japan’s Softbank. The two sales combined will give Vodafone the £7.4bn it needs to buyout TalkTalk.
The announcement comes as Russian billionaire Alexander Mamut’s investment corporation ANN buys a 10 per cent share in Euroset, Russia’s largest mobile handset manufacturer. Investors are pushing ‘buy, buy, buy’ on the Footsie as market movements show a 5,900 jump on the exchange.
Barclays and Vodafone have helped market statements run positive as the heavy hitters enjoy a rise in stocks for the day. Early trade revealed Wall Street gave away 20 points on profit-taking, in spite of the rumours that Chevron could make a bid for Atlas Energy, a natural gas explorer.
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