The Board of directors of Vodafone Omnitel N.V. (Vodafone Italy) has approved a proposal to buy back issued and outstanding shares at a value of approximately EUR 7.9 billion (GBP 5.4 billion). If the proposal is approved by the shareholders of Vodafone Italy, participation in the buy back will be invited on a pro rata basis in two tranches, the first in June 2005 and the second expected to occur in October 2005. After the transaction is completed, Vodafone (Vodafone
Group Plc) and Verizon (Verizon Communications, Inc) will continue to hold approximately 77% and 23% indirectly through their wholly-owned subsidiaries. It is anticipated that the buy back will be funded from currently available and forecast available cash of Vodafone Italy.
For further information:
Vodafone Group
Simon Lewis
Group Corporate Affairs Director
Tel: +44 (0) 1635 673310
Investor Relations
Charles Butterworth
Darren Jones
Sarah Moriarty
Tel: +44 (0) 1635 673310
Media Relations
Bobby Leach
Ben Padovan
Tel: +44 (0) 1635 673310
