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Tuesday, January 28, 2014

Vodafone, Verizon investors back $130 billion Verizon Wireless deal, (NYSE: VZ)

Vodafone shareholders secured one of the biggest pay-outs in corporate history on Tuesday, as they approved the $130 billion sale of the British company's stake in its U.S. joint venture Verizon Wireless.The sale of the 45 percent interest to majority owner Verizon Communications, agreed in September, will see 71 percent of the net proceeds - or $84 billion including all of the stock - returned to Vodafone shareholders."This is the largest single return of value to shareholders in history," Chairman Gerard Kleisterlee told the shareholders at a meeting in London.He said it left Vodafone in a strong financial position and represented "the opening of an important new chapter in the history of Vodafone".

Verizon Communications Inc. (Verizon) is a holding company. Shares of VZ fell by 0.02% or $-0.01/share to $47.68. In the past year, the shares have traded as low as $42.72 and as high as $54.31. On average, 12352000 shares of VZ exchange hands on a given day and today's volume is recorded at 7043587.