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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)

VOD 13.12

+0.2%

Dec 26 9:30 AM EST

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To: JakeStraw who wrote (3145)	6/28/2001 12:54:22 PM
From: MrGreenJeans	Read Replies (1) of 3175

BSCH has no immediate plans to sell Vodafone stake MADRID (Reuters) - Banco Santander Central Hispano, Spain's biggest bank, has no plans to unload its 2.7 percent stake in Vodafone anytime soon even as the expiration of a lock-in nears, a source familiar with the situation told Reuters. Executives at the bank have talked of the possibility of using capital gains on industrial shareholdings to pay off goodwill accumulated after a round of purchases and analysts have long expected the sale. But the source ruled out any possibility of selling the 1.84 billion shares for the moment: "It would not make any sense to sell Vodafone at such a low price, it would be considered a mistake," the source said. Shares in the world's biggest mobile phone company have hit three-year lows recently amid concerns over a massive stock overhang, as a lock-in preventing companies from selling shares has been lifted and other expiration dates draw near. On June 29, a lock-in expires on 3.1 billion shares in Vodafone, mostly made up of BSCH's stake but also including seven Spanish banks and holding companies. Vodafone has a total of 68.1 billion shares. Vodafone issued the various blocks of shares to finance an aggressive international acquisition spree that turned it into the world's biggest mobile phone operator. BSCH's Vodafone stock were in payment for Spain's number two mobile operator Airtel. BSCH acquired its Vodafone stake last summer, swapping its 30.45 percent share in Airtel with the British telecom. Vodafone owns 92 percent in Airtel, which has a third-generation (3G) mobile licence in Spain. Financial holding Corporacion Financiera Alba declined to disclose its plans for its Vodafone shares. Six shareholders could not be reached for comment. A so-called "lock-in" preventing KPN Telecom and Sweden's Telia from unloading their 366 million Vodafone shares was lifted on June 12.

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