Rumors over Vodafone unit

Bloomberg

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Vodafone has rejected a $2.7 billion offer from Deutsche Telekom for its Turkish unit and instead asked for the German company’s unit in the U.K., said the newspaper. Vodafone paid $4.5 billion for its Turkish unit in 2006 and invested a further $1 billion in the company.

Serpil Timuray, Vodafone Turkey’s chief executive, has denied reports that Vodafone may sell its unit, saying that the firm’s $1.3 billion investment plans for 2009 show its commitment. Vodafone shares in London declined 15.3 percent since Jan.1 and were trading at 117.8 pounds Tuesday afternoon.