Emirates Telecom Boosts Vodafone Stake Close To 15%, Seeks Board Restructuring

Vodafone Group Plc's VOD biggest shareholder, Emirates Telecommunications Group Co, discussed revamping its board with the British telecom group.
The United Arab Emirates sovereign wealth fund-backed firm began talks on April 12 about the board's non-executive directors engaging on various issues at Vodafone, Bloomberg reports.
Vodafone's shares consistently lost value for years, and it struggled in its attempts to streamline the business and sell assets. The stock slid to two-decade lows after ousting previous CEO Nick Read in December, and the company has yet to name a new chief.
Emirates Telecom, which now owns a 14.6% stake in Vodafone, said it has regulatory approval to raise its stake in Vodafone to 15%, has explored a potential investment in Vodafone's African business, Vodacom Group Ltd VDMCY.
Emirates Telecom is now one of three strategic holders who control over a fifth of the telecom group, including Liberty Global Plc LBTYA, which holds almost 5% stake, and French billionaire Xavier Niel, who said he bought a 2.5% stake in September.
Vodafone shares lost 33% in stock value last year.
Price Action: VOD shares traded higher by 1.08% at $11.28 premarket on the last check Tuesday.