Vodafone pull out of race for AT&T
Mobile phone giant Vodafone today said it had pulled out of the multi-billion pound auction for US operator AT&T Wireless.
The group, which is believed to have submitted a bid worth £18bn (€26bn), said it withdrew from the race this morning after deciding it was no longer in the interest of shareholders.
Vodafone had been locked in the bidding war with US rival Cingular after first revealing its interest in AT&T last week.
The news was greeted with relief in the City, which feared the group was overpaying for the company, with shares rising more than 6%.
A statement to the London Stock Exchange added: “Vodafone remains committed to its existing position in the US market with its successful partnership in Verizon Wireless.”
