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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)
VOD 13.10+0.3%Dec 24 12:59 PM EST
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To: MrGreenJeans who wrote (3102)3/8/2001 10:50:38 PM
From: Jules Shear  Read Replies (2) of 3175
 
A couple of thoughts

1) Vodafone is a GSM shop pure and simple. If they could they would find a way to convert Verizon's network to GSM (and am sure they are looking at this in part to the rumours of buying out VZ and selling VZ fixed-line to some European telco). They want the GSM "version" of UMTS. The politics by Irwin Jacobs at QCOM over the last few weeks is a clear propaganda war to wage against cdma2000 vs. W-CDMA. VOD is in the W-CDMA camp. Just a economics question of how they make it happen in the US.

2) VOD needs to link the networks together to make the economics and valuation work for the stock. This is difficult task with VZ being the major stumbling block. They need out of the relationship or to control the relationship. I'm surprised they did'nt/have'nt make a run at AT&T wireless (over Do-Co-Mo) since AWE is supporting the GSM version of UMTS. VZ has about double the subs of AWE. Selling 45% of VZ and picking-up majority control of AWE could have been done without affecting VOD's financial position. IMO, VOD's M&A folks and Goldman Sachs missed two huge opportunities with VSTR and AWE that will come back and haunt VOD in the long-term. Cingular is a potential but anyway you cut-it, VOD needs to get the GSM version of UMTS deployed to get true global inter-operability and the equity valuation that we all want to see again.
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