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Tuesday, January 28, 2014

Vodafone, Liberty line up to purchase Spanish cable group-sources, (NASDAQ: LBTYA)

Vodafone and Liberty Global are competing to purchase Spain's largest cable operator, Ono, from its private equity owners, two people familiar with the situation said on Tuesday.Ono had been planning an initial public offering this year in a bid to capitalise on a wave of investor interest in the increasingly successful cable sector, sources told Reuters earlier.Liberty Global, owned by billionaire John Malone, has been on a spending spree to increase the size of its empire in Europe, where it derives more than 90 percent of its revenue.It bought Britain's Virgin Media for $15.8 billion last year, and just on Monday agreed to pay 10 billion euros ($13.7 billion) for Dutch cable operator Ziggo after months of negotiations.

Shares of LBTYA traded higher by 1.29% or $1.05/share to $82.47. In the past year, the shares have traded as low as $62.71 and as high as $90.93. On average, 1708530 shares of LBTYA exchange hands on a given day and today's volume is recorded at 4704631.