Billionaire owner of Eir takes stake of 2.5% in Vodafone

Shares in Vodafone rose 2% on news Xavier Niel had bought a stake in the company

Vodafone declined to comment on Mr Niel's investment. 'We continue to actively pursue opportunities with Vantage Towers and to strengthen our market positions in Europe,' it said

French billionaire Xavier Niel, who is best known in Ireland for his control of Eir, has bought a 2.5% stake in Vodafone, increasing the pressure on management at the British telecoms giant. 

Vodafone has been under pressure to test Europe's appetite for telecom takeovers after creating expectations by saying the group was pursuing mergers with rivals in multiple European markets — prospects that have not yet materialised.