Vodafone (VOD) was far away from securing shareholder approval for its €7.7B takeover of Kabel Deutschland (KBDHF.OB) as of 5.30 pm in Germany yesterday, not long before the offer is due to lapse at midnight tonight.
Kabel investors had tendered 19.88% of shares, well below the 75% minimum requirement that Vodafone has set for the deal to go through.
Kabel Deutschland's biggest shareholder, U.S. activist investment fund manager Paul Singer, wants Vodafone to raise its offer for the German company, but the British operator has refused to do so. (PR)
Vodafone (VOD) FQ1 organic service revenue -3.5% to £10.155B; sales to Northern and Central Europe -3% due to "competitive intensity", with U.K. -4.5% and Germany -5.1%. Southern Europe -14.4%, with Italy -17.6% and Spain -10.6%. Sees good growth in Africa, the Middle East and Asia Pacific. Net debt -£2.1B on quarter to £24.9B. Reiterates full-year outlook. Expects to complete the €7.7B acquisition of Kabel Deutschland (KBDHY.OB) by the end of 2013. (PR)