Jan 31, 2022

Leading Vodafone shareholder signals support for activist campaign

One of Vodafone's biggest shareholders has hailed an activist campaign aimed at improving the telecoms company's performance as "Very sensible", as another investor said the move was "Long overdue". Rew Millington, head of UK equities at Abrdn, a top-10 shareholder in Vodafone, said Cevian's push to restructure the Vodafone portfolio and drive consolidation was "Very sensible". Peter Schoenfeld, founder of New York-based hedge fund PSAM, which has a $120m position in Vodafone, said: "It's long overdue that a shareholder holds the board accountable for its past actions and inaction, and we think a great deal of value remains to be unlocked. We welcome Cevian." Abrdn's Millington said: "We've noticed a change by Vodafone management over the past six to nine months, talking about being more proactive in taking portfolio action to create value." Schoenfeld echoed calls for Vodafone to try to monetise its towers business, Vantage Towers.

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