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Tuesday, January 28, 2014

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

Shareholders of both Vodafone and Verizon Communications Inc approved Verizon's $130 billion takeover of their Verizon Wireless venture on Tuesday, paving the way for the third biggest deal in corporate history.Vodafone shareholders voted for one of the biggest payouts ever as 71 percent of the deal's net proceeds - or $84 billion including stock - will be returned to Vodafone shareholders from the sale of Vodafone's 45 percent interest in Verizon Wireless to majority owner Verizon."This is the largest single return of value to shareholders in history," Vodafone 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 0.23% or $-0.11/share to $47.58. 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 8753877.