Vodafone leaps 9% to 12-year high on bumper divi hopes

Shares in Vodafone have risen 9% to their highest level since late 2001 after the group re-opened talks with US peer Verizon over the sale of their joint venture.

The telecoms giant said this morning it is in discussion with Verizon over a possible disposal of its 45% stake in Verizon Wireless, though it added there is "no certainty" an agreement will be reached. The stake, long the subject of market speculation, is estimated to be worth around £65bn-80bn. Verizon, which owns the remaining 55% of the business, has funnelled billions in dividend payments to Vodafone in recent years under the terms of the venture. With a sale likely to result in a significant payout for Vodafone shareholders, the group's shares were up 9% at 206p early this mo...