Vodafone won't sell Verizon Wireless stake

updated 8:44 a.m. ET Aug. 8, 2007

LONDON - British mobile phone operator Vodafone Group says it has no plans to sell its 10 billion-dollar stake in its U.S. joint venture, Verizon Wireless.

Vodafone says it won't sell its 45-percent stake to Verizon Communications, which owns the remaining 55-percent share in Verizon Wireless.

Last month, Vodafone shareholders overwhelmingly voted against plans by a rebel investor group to overhaul the company by spinning off its stake in Verizon Wireless.

Activist investor group Efficient Capital Structures had called for Vodafone to spin off Vodafone's stake in the U.S. mobile operator in a move that would hugely increase the company's debt in order to return more cash to investors.

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