Vodafone Will Sell Its 3.2% Stake in China Mobile for About $6.6 Billion

Vodafone Group Plc announced an agreement to sell its 3.2 percent stake in China Mobile Ltd. and said it expects the cash consideration to be about 4.3 billion pounds before tax and transaction costs.

Vodafone will sell 642.9 million shares in China Mobile in an accelerated bookbuild and plans to return about 70 percent of the net proceeds to investors in a buyback with the remainder used to reduce debt, it said in an e-mailed statement.

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