Emirates-based E& increases stake in Vodafone

Telecommunications company Etisalat group (E&) has increased its stake in Berkshire-based Vodafone from 14 per cent to 14.6 per cent.

The increased stake increases E&'s held shares in Vodafone to about 3.9 billion, a stake worth around £3.6 billion. Vodafone’s share price has also risen to 91.05p, a one and a half per cent increase.

With this increase the UAE company has pushed for changes to the Vodafone board and have opened preliminary talks concerning the non-executive composition of Vodafone’s board of directors. The talks indicate E&’s concerns with Vodafone’s current business direction; the UAE firm has said that discussions covering a variety of topics are in both Vodafone’s and its shareholders best interests.

One of these topics will inevitably include the concerns over management. Chief Financial Officer Margherita Della Valle, who was brought in to provide stability for the company, has been in the position of interim CEO for four months with no clear sign of a permanent successor on the horizon.

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