Vodafone Rejects $13 billion Italy bid from Iliad, Apax

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Vodafone rejects R190 billion offer for Italian business

Vodafone Group Plc has rejected an offer from Iliad SA and Apax Partners LLP for its Italian unit, it said in a statement Thursday, after Bloomberg had reported the telecoms group was leaning toward spurning the bid.

Vodafone viewed the approach as too low, according to people familiar with the matter, asking not to be identified because the information is private. While Vodafone is keen to participate in any Italian consolidation, it believes the potential synergies that Iliad could extract from a combination would warrant a higher price, the people said.
 
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