By Abby Wallace
The Abu Dhabi based telecoms company e& has upped its stake in Vodafone and is in talks with the company over potential shifts in its board, media reports said on Tuesday.
The investor — which is Vodafone’s largest shareholder — said on Monday that it had opened discussions with Vodafone on April 12 “on a variety of topics,” including the composition of Vodafone’s non-executive board, reports said, citing a regulatory filing.
The Abu Dhabi-based investor increased its stake in the telecoms company to 14 per cent in February, as it stated “rationale remains unchanged” from when it first acquired a stake in May 2022.
Vodafone was contacted for comment but did not immediately respond.
The move by Vodafone’s largest investor comes as the company has tried to streamline its business to appease investors, with performance struggling and a falling share price. Then-CEO Nick Read stepped aside at short notice in December of last year.
Earlier this year Vodafone announced it had sold off multiple arms of its global operations, including in Egypt and Hungary for £1.5bn, as it looks to simplify its business.
Telecoms giant Liberty Global also bought an almost five per cent stake in Vodafone earlier this year after claiming shares in the troubled firm are undervalued.
In September, French billionaire Xavier Niel snapped up a 2.5 per cent stake in Vodafone, citing opportunities to push forward the “streamlining of Vodafone’s footprint.”
Vodafone’s shares have fallen almost 30 per cent in the last year.
Shares were up 1.5 per cent by the end of the day on Tuesday.
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