Vodafone offloads $6.5 billion of China Mobile stock

The record deal is well received, but a tough timetable and a tight discount leave the three bookrunners holding a small portion of the shares.

UK mobile operator Vodafone yesterday raised HK$50.9 billion $6.5 billion from the sale of its entire 3.2% stake in Hong Kong-listed China Mobile, as part of a plan to divest minority holdings that it doesn’t view as essential for its business.

The massive deal is the largest overnight equity offering in Asia-Pacific ever, according to Dealogic data, ahead of a $3.5 billion placement of Rio Tinto shares in July 2009. It also dwarfs Bank of America Merrill Lynch’s $2.8...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Print Edition

FinanceAsia Print Edition

EVENTS