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Vodafone Is Said to Approach ONO for Potential Acquisition

Vodafone Group Plc has approached Grupo Corporativo ONO SA’s owners about a potential acquisition as the cable company meets this week to discuss an initial public offering or a sale, people familiar with the matter said.

Vodafone has contacted Madrid-based ONO’s main shareholders about a possible purchase, said the people, asking not to be named because the matter is private. A bid by Newbury, England-based Vodafone will probably have to be in the range of 7 billion to 8 billion euros ($9.5 billion to $11 billion) to win the board’s backing, based on feedback from recent investor meetings for a share sale, said one of the people.