Feb 1, 2022
Cevian’s existential challenge for Vodafone
Cevian Capital, the activist best known for taking on sprawling diversified businesses, has built a stake in European mobile group Vodafone, and is expected to call for a board overhaul and a serious rethink of its vast portfolio of assets. Still, the torching of value in European telecoms markets in recent years has convinced other investors - and lately perhaps even Vodafone's management - that what you've got in a market is more important than how many you're in. First, if Cevian is asking for changes to Vodafone's board, then it has a point. Vodafone still has various odds and ends that could leave its portfolio, which is sufficiently complex that it's easy to forget that European consumer, mobile-only markets comprise only about a quarter of its revenues, according to Numis. Cevian has a reputation for bedding in and working with management over many years.
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