Vodafone rallies on talks for Japanese business

The prospect of a bidding war for Vodafone’s Japanese unit kept the mobile phone group’s shares on the recovery trail today.

Internet company Softbank is in talks to buy Vodafone’s controlling stake, but its hopes of pulling off a deal looked to be under threat after it was widely reported that two private equity companies – Cerberus Capital Management and Providence Equity Partners – were planning a rival bid.