Shares of Vodafone Group Plc (ADR) (NASDAQ:VOD) ended Wednesday session in green amid volatile trading. The shares closed up +0.46 points or 1.56% at $29.87 with 5.30 million shares getting traded. Post opening the session at $29.57, the shares hit an intraday low of $29.46 and an intraday high of $29.90 and the price vacillated in this range throughout the day. The company has a market cap of $78.96 billion and the numbers of outstanding shares have been calculated to be 26.56 illion shares.
On August 3, 2016 Vodafone Group Plc (ADR) (VOD) and Liberty Global plc (NASDAQ: LBTYA, LBTYB and LBTYK) welcomed the conditional clearance by the European Commission of the two companies’ proposed merger of their operating businesses in the Netherlands to form a 50:50 joint venture.
Following its Phase I investigation, the European Commission concluded that the transaction, as modified by the commitments offered by the parties, does not raise any competition concerns.
The commitments entail a divestment of Vodafone Netherlands’ consumer fixed business, prior to closing of the proposed merger of the two companies’ Dutch operations. This represents a structural remedy offered by the parties to address any concerns regarding the overlap between the fixed telecoms and TV activities of Vodafone and Ziggo in the Netherlands. Having already received a number of expressions of interest, the parties will now proceed with the sale process.
Vodafone Netherlands’ consumer fixed business has a customer base of more than 120,000 with a high triple-play penetration rate. The divestment could potentially also include MVNO access subject to agreement on commercial terms.
Shares of America Movil SAB de CV (ADR) (NYSE:AMX) ended Wednesday session in green amid volatile trading. The shares closed up +0.31 points or 2.79% at $11.44 with 5.19 million shares getting traded. Post opening the session at $11.16, the shares hit an intraday low of $11.09 and an intraday high of $11.45 and the price vacillated in this range throughout the day. The company has a market cap of $37.61 billion and the numbers of outstanding shares have been calculated to be 44.28 billion shares.
On September 13, 2016 Citi’s Issuer Services business, acting through Citibank, N.A., has been appointed by América Móvil S.A.B. de C.V., one of the largest integrated telecommunications companies in the world, as the successor depositary bank for its sponsored American Depositary Receipt (ADR) programs.
América Móvil’s ADRs are traded on the New York Stock Exchange under the symbol “AMX” for its ADRs representing L shares and on the NASDAQ Stock Market under the symbol “AMOV” for its ADRs representing A shares. Each ADR represents 20 L or A shares, respectively. América Móvil is based in Mexico and its underlying L and A shares are listed on the Mexican Stock Exchange.
“Providing value for our ADR holders is an important commitment, and we look forward to working with Citi to further develop and improve our ADR programs,” said Carlos Garcia Moreno, CFO of América Móvil.
“We are honored to be appointed successor depositary bank for América Móvil’s ADR programs,” said Dirk Jones, Head of Global Issuer Services at Citi. “With Citi’s investor relations expertise and global presence, we are confident we can facilitate the continued success of América Móvil’s ADR programs.”