Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Vodafone climbs as government green lights merger with Three

Published 10/05/2024, 11:09
Updated 10/05/2024, 11:50
Vodafone climbs as government green lights merger with Three
VOD
-
1038
-

Proactive Investors - Vodafone Group PLC (LON:VOD) gained ground on Friday after the government conditionally approved the firm’s merger with Three.

Though a competition probe into the deal is yet to end, the government said it would allow the deal if the merged companies set up a national security committee.

This would oversee sensitive work and have to provide regular updates to the government, with a technical group to monitor specific topics also required.

Vodafone and CK Hutchinson Holdings Ltd-owned Three’s tie-up was unveiled last year and is set to take the number of UK mobile networks from four to three.

The pair hailed the government ruling in a joint statement, adding work would continue to assist the Competition and Markets Authority’s (CMA) investigation.

"We strongly believe [the merger] will strengthen competition in the UK's mobile sector and enable a significant step-up in the UK's mobile network infrastructure," they said.

The CMA’s probe was announced last month, with the regulator noting at the time that the companies had not proposed remedies to ease concerns.

Vodafone climbed 2.4%, while Hutchinson’s Hong Kong-listed shares gained 3.9%.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.