Vodafone makes float plans

By Michele Simpson

Friday 7th April 2000

Mobile phone giant Vodafone Airtouch is still considering a partial float of its New Zealand, Australian and Fijian telecommunication operations.

A deadline of mid-year was originally mooted for a partial sell-down of the three operations that report to Vodafone Pacific chief executive Brian Clark.

Vodafone's operations in this country are wholly owned by Vodafone Airtouch and have been included in plans for a possible float. A Vodafone Pacific spokeswoman, Michelle Hindson, said there was nothing new in comments Mr Clark made in Australia about a pending float.

Mr Clark said Vodafone was "actively considering an IPO." The telecommunications company had given a time frame for the IPO and Mr Clark said that was still the status this week.

Whether all three markets would be involved in the float was still not certain, Ms Hindson. said.

Vodafone New Zealand's managing director John Rohan would not comment on the pending IPO.

Last August, Vodafone merged with its US rival Airtouch in a £67 ($NZ207) million merger. Vodafone Holdings Europe sold its New Zealand division last year and its 49% stake in Vodafone Fiji to Vodafone Holdings Australia for £505 million ($NZ1.5 billion) in an asset reshuffle. Fiji Vodafone is 51% owned by Telecom Fiji. Analysts believe Vodafone will retain a majority stake if it lists, as estimates put Vodafone in Australasia to be worth as much as £5.3 ($NZ16.4) billion.

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