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Vodafone Group Plc’s biggest shareholder, Emirates Telecommunications Group Co., has opened talks with the troubled British telecom group to push for changes on its board.
The investor, also known as e&, began discussions with Vodafone on April 12 about the non-executive directors in order to engage “on a variety of topics,” it said in a regulatory filing late Monday. The Abu Dhabi-based company, which is majority owned by the United Arab Emirates’s sovereign wealth fund, now owns 14.6% of Vodafone, up from 14%.
Vodafone’s shares, which have been steadily declining for years, have dropped about 25% since e& announced its initial holding in May. The telecom company in December ousted Chief Executive Officer Nick Read — who struggled to appease investors with moves to streamline the business and sell assets — and the board hasn’t yet named a replacement to lead Vodafone’s turnaround.
Vodafone rose 2% to 91.51 pence at 10:30 a.m. in London trading on Tuesday.
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