Vodafone rumored to sell China Mobile stake

UK-based mobile telecom company Vodafone (VOD.LON, VOD.NASDAQ) will sell its share in China Mobile (CHL.NYSE, 0941.HK) for US$6.2 million, AFP reported, citing a report in the Sunday Times. Under pressure from shareholders, Vodafone is preparing a series of asset sales to raise cash and restructure its portfolio. The sale of the China Mobile stake would presumably raise more cash than sales of assets in France and the US, where the only buyer would be controlling shareholders, depressing the price. "We are not here to manage minorites," Vodafone Chief Executive Vittorio Colao told shareholders who complained about the slow pace of sell-offs. According to the Sunday Times report, Vodafone is still contemplating whether to sell the stake to a strategic investor or on the Hong Kong stock market. A Vodafone spokesperson told AFP the Sunday Times report was speculative and declined to comment further.