Recently, worrying predictions had been made that the 4.5 billion shares that were freed from lock-up agreements (more than 5% of the group’s stock)would create a glut in the market. The sale eased some of the pressure on Vodafone shares. The company, however, did not divulge any further information as to when the sale took place or details of the price.
Further to this, Banco Santander Central Hispano, a key shareholder, was alleged to be holding on to its stake, with no plans to sell in the near future – another boost for the telecom giants.
Positive predictions were made for KPN itself following a merger with Belgacom. This could allow KPN to reduce its debt by a possible E2 billion as they would then be free to sell its stake in a joint venture with Quest.
