Vodafone sells China Mobile stake for US$6.6 billion, doubling original price

The British-based mobile phone company said Wednesday that although it is selling its 3.2 percent stake in China Mobile, the two companies will continue to cooperate on roaming, multinational customers, green technology and other areas.

Vodafone says it is selling the shares to the market through an accelerated bookbuilt offering managed by three investment banks.

Vodafone says it will use 70 percent of the money for share buybacks, and the rest to reduce net debt.

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