Vodafone secures Kabel Deutschland shareholder approval

Vodafone secures Kabel Deutschland shareholder approval

Vodafone’s €7.7 billion proposal to acquire Kabel Deutschland has won approval, after it passed the crucial 75% shareholder support mark.

There was confusion over the status of the deal after Wednesday’s deadline passed and Kabel Deutschland underwent a lengthy process of collecting and verifying shareholder votes.

The threshold for the deal to be approved was reached late yesterday, according to the Financial Times, but Vodafone was reportedly concerned up to the deadline, because of the high level of shareholder tenders it required.

No shareholders had actually voiced opposition to the deal, but with only 20% of shares tendered by Wednesday, approval was only reached in the very last moments before the deadline.

Vodafone said on Thursday that the minimum threshold had been met, and the move is seen as strategic for the company in its bid to ramp up its operations across Europe.

It has also been linked with various other companies following its $130 billion payout from Verizon, including Fastweb in Italy, Ziggo in the Netherlands and Ono in Spain.

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