Vodafone to Sell China Mobile Stake

LONDON (TheStreet) -- Vodafone VOD, the U.K. telecommunications company, said it would sell its entire 3.2% interest in China Mobile CHL for about 4.3 billion pounds ($6.65 billion). Vodafone, in a statement to the London Stock Exchange Wednesday, said after the sale the companies would continue working together in such areas as roaming, network roadmap development, and green technology. Vodafone said it intends that about 70% of the net proceeds of the sale will be returned to shareholders through a buyback with the remainder used to reduce debt. To read the rest, head over to TheStreet.com