Europe’s largest activist investor Cevian Capital has slashed its stake in UK-based Vodafone as scepticism grows that the telecoms company will be able to reverse its sluggish performance.
Cevian built a significant but undisclosed stake in Vodafone last year through shares and derivatives, becoming one of the ten largest shareholders, the report said, citing people familiar with the matter.
The investor was pushing Vodafone’s management to simplify its international portfolio and sell poorly performing divisions, the report said. However, Cevian sold the vast majority of its stake by June, it added.
Earlier in January, reported that another of Vodafone’s biggest shareholders, Abrdn, supported Cevian’s call for a restructuring. US News