Vofafone shareholders are against any potential purchase of beleaguered mobile phone operator T-Mobile as the board of UK's largest mobile phone network by revenue mulled plans to swap its Turkish business for T-Mobile UK.
The company's chairman, Sir John Bond, told the audience at the company's 25th annual general meeting that the purchase of T-Mobile is not on the table; apparently wrong-footing the firm's chief executive, Vittoria Colao said a few days earlier that consolidation would be welcomed in the UK.
It comes after rumours about a potential tie-in between T-Mobile and Vodafone were revealed end of June by the Financial Times.
The Newbury-based operator currently owns a quarter of the UK mobile phone market compared to 27 percent for O2. The acquisition of T-Mobile UK would lift Vodafone's share of the market to 41 percent and would make it big enough to warrant an investigation by the competition commission.
Earlier in May, T-Mobile wrote around £1.6 billion off the value of its mobile operations in the UK, bringing it down to £3.3 billion. Whoever purchases T-Mobile would bag the precious 3G licence owned by the company which the company bought for £4 billion.
We do fancy a potential strategic partnership between the 4th and the 5th placed mobile phone company, T-mobile and 3 networks. They are already both facing difficult challenges and merging their operations would not only allow them to cut costs but also pool their resources.