Vodafone shares rise on €4bn convertible bond sale

Vodafone shares rose 2% as it said it plans to raise about €4bn selling bonds that will be converted into shares to fund the acquisition of some of Liberty Global’s European businesses without weighing down the phone giant’s balance sheet.

The two sets of sterling-denominated securities will help pay for the $22bn (€19.4bn) purchase of Liberty Global’s German and Eastern European units, part of the telecom company’s push to refocus on the continent after years scaling back its global ambitions.