Vodafone and Three press on with merger plans in UK despite major hurdles

Shares of Vodafone fell for a fifth day on Wednesday, dropping as much as 3.3% to hit the lowest intraday level since September 1997.

Vodafone’s CEO Nick Read will stand down at the end of the year.

Vodafone and Three UK are battling to overcome a raft of regulatory and political hurdles threatening to derail efforts to create Britain’s largest mobile operator, people familiar with the matter said.

Discussions between Vodafone and Three’s owner CK Hutchison Holdings have been delayed in recent weeks by considerations about the integration and impact of their proposed tie-up, the people said, asking not to be identified discussing confidential information.