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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)
VOD 15.20+1.9%12:06 PM EST
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To: MrGreenJeans who wrote (2809)5/30/2000 7:41:00 AM
From: MrGreenJeans  Read Replies (2) of 3175
 





(COM) 30/05/00 10:34: STOCKWATCH: Vodafone up on Orange sale to France Telecom


STOCKWATCH: Vodafone up on Orange sale to France Telecom
LONDON (AFX) - Vodafone AirTouch PLC shares made up in part for the losses
of the past two weeks with a strong performance in morning trading, as dealers
absorbed the well-heralded sale of Orange to France Telecom.
At 10.26 am, Vodafone was up 12-3/4 pence, or 4.53 pct, at 294, off earlier
highs of 300.
Brokers commended Vodafone, with Teather & Greenwood reiterating a 'buy',
Merrill Lynch setting a 'buy' and Waburg Dillon Read setting a 'strong buy' with
a price target of 530 pence.
Analysts too were positive about the deal, particularly the heavy reduction
in Vodafone's debt burden as a result of the disposal.
Vodafone chief executive Chris Gent told AFX News this morning that the
company's debt was on course to fall to 10 bln stg from 17 bln stg by the end of
the financial year, after rising initially to cover 3G mobile licence
acquisition costs.
As well as the 13.8 bln stg in cash that France Telecom is paying for
Orange, the planned flotation of operations in Germany and Italy would help
cover debt, analysts said.
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