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Vodaphone shares tumble after takeover by AT&T ruled out

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Vodaphone shares tumble after takeover by AT&T ruled out

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Shares in Vodaphone took a knock on Monday, tumbling six percent on news AT&T had ruled out a takeover for the next six months. The news comes after an enquiry by Britain’s takeover panel following months of speculation.

The prospect of a takeover had risen after AT&T’s Chief Executive Randall Stephenson had said there was a “huge opportunity” to invest in mobile broadband in Europe.

In a statement to the London Stock Exchange the US’s second largest mobile service provider denied it was planning a bid.

One analyst said he thought AT&T realised Europe was still too tough a region to buy into with fierce competition driving down prices.