Vodafone Managers to Share in Verizon Deal Riches -- Report
DOW JONES NEWSWIRES
Vodafone Group PLC's (VOD, VODPF) senior team will collect a 56-million-pound ($90.6 million) windfall when the mobile operator completes the sale of its Verizon Wireless subsidiary next year, the Guardian reported Sunday on its website.
In the third-largest transaction in corporate history, Vodafone is selling its stake in America's biggest mobile network to its joint venture partner, Verizon Communications Inc. (VZ), for $130 billion and has promised to return 71% of the money to shareholders, the Guardian said.
The return is worth 112 pence a share and will be paid in a mixture of cash and Verizon Communications shares, delivering significant gains for Vodafone's top managers, the Guardian said. The company has disclosed that its full senior team, about 250 people, has accumulated a total of 50 million Vodafone shares. The deal will see them collect GBP16 million in cash plus GBP40 million worth of Verizon shares. Chief Executive Vittorio Colao will receive more than GBP10 million, a sum nearly equivalent to his GBP11 million remuneration last year, the Guardian reported.
Full story: http://www.theguardian.com/business/2013/oct/20/vodafone-bosses-windfall-sale-verizon-wireless
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(END) Dow Jones Newswires 10-20-132105ET Copyright (c) 2013 Dow Jones & Company, Inc.