Vodafone heads for the takeover trail

Vodafone in the UK hinted yesterday that it was on the hunt for fresh acquisitions in Europe as the turnaround in its fortunes continued with half-year results at the top end of City expectations.

Underlying earnings for the six months rose to £6.24 billion ($17.88 billion) but a further £8 billion write-down in the value of Vodafone's German and Italian businesses left it with a £4.55 billion net loss for period.

Chief executive Arun Sarin said "the time may be ripe" for consolidation, adding that he would look at Hutchison Whampoa's 3 UK network if it came on the market.

His comments follow the demise of easyMobile, which Sarin said was a signal that consolidation would soon begin.

- INDEPENDENT