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Technology Stocks : Vodafone (VOD) -- Ignore unavailable to you. Want to Upgrade?

To: md1derful who wrote (67)	5/20/1999 9:32:00 AM
From: David Wiggins	Read Replies (1) \| Respond to of 109

Vodafone to Split Shares After AirTouch Acquisition (Update4) Bloomberg News May 20, 1999, 2:55 a.m. PT Vodafone to Split Shares After AirTouch Acquisition (Update4) (Updates VOD share price in 5th paragraph.) London, May 20 (Bloomberg) -- Vodafone Group Plc, the largest U.K. wireless phone company, said yesterday it will split its stock for the first time in five years after completing its $71.7 billion purchase of AirTouch Communications Inc. Vodafone also expects to sell its 17 percent stake in E- Plus, Germany's third-largest wireless phone company, for more than $1 billion, Chief Executive Christopher Gent said yesterday in an interview, adding Vodafone has received bids from 10 companies for its stake. He declined to identify the bidders. Vodafone's American depositary receipts have more than doubled since October as investors bet the combined company will be able to sign up more customers and boost sales and earnings at a fast pace. Vodafone last split its stock in July 1994, when it had a 3-for-1 split. Gent didn't provide details on the terms of the next stock split. ''We would like to make the stock accessible to the retail market,'' Gent said. ''We'll look at it once we've gotten through this transaction.'' Vodafone shares rose 39 pence, or 3.2 percent, to 1,261. The shares of San Francisco-based AirTouch rose 2 11/16 to 102 1/8 yesterday. Single-Rate Plan London-based Vodafone agreed to buy AirTouch in January. The companies expect to complete the acquisition, which will create the world's largest wireless phone company, in June after getting shareholder and regulatory approval. The combined company will introduce a calling plan later this year allowing customers to place calls from anywhere in Europe and pay the same per-minute rate, Gent said. AT&T Corp., one of the largest U.S. wireless phone companies, has had great success with a similar plan in the U.S. ''We're working together so we can come out with a single rate plan for European that will be very attractive,'' Gent said. ''There will be new services launched from all of our companies over the next six months. Gent also said the company plans to expand further by boosting its stake in existing carriers and buying more companies. Meanwhile, AirTouch is trying to work out an agreement with Bell Atlantic Corp. to continue their wireless joint venture, known as PrimeCo Personal Communications LP. Bell Atlantic has said it plans to break up the venture after Vodafone completes its purchase of AirTouch. If a compromise can't be reached with Bell Atlantic, Vodafone-AirTouch will buy new airwave licenses or other companies to replace coverage in some regions, Gent said. Regards, Dave