Vodafone Group PLC may not be in any hurry to sell its Verizon Wireless holdings, even though the U.S. company's parent is eager to buy it out amid a major consolidation in the U.S. telecommunications industry, The Financial Times reported on its Web site Monday.
As Verizon Communications was clamoring for talks to acquire from Vodafone the 45% of Verizon Wireless that it doesn't already own, people close to Vodafone played down its interest in selling. "From Vodafone's point of view, Verizon Wireless is a good asset, is growing fast, and is value accretive...Why would they want to sell it today?" one asked, according to the FT.
Vodafone chief executive Arun Sarin has been under pressure to sell the Verizon Wireless stake. However, given that there's even more pressure on Verizon - due to AT&T's planned $67 billion purchase of BellSouth - Vodafone's negotiating position has strengthened considerably.