Vodafone shareholders back pricey acquisitions

Shareholders in Vodafone say they support chief executive Vittorio Colao’s plan to rebuild the company with pricey European broadband assets, even though it could complicate a lucrative bid from AT&T.

Top of the list is Spain’s cable operator Ono, which would help Vodafone keep up with the growing popularity of all-included bundles of mobile to fixed-line services as well as help it carry the ever-increasing data traffic on its networks.

Vodafone shareholders have proven surprisingly unfazed by Ono’s eye-popping €7bn-plus price tag, nor do they think Colao should just sit tight and wait for a possible bid from AT&T while his European business deteriorates.