MADRID, Spain-Vodafone AirTouch plc and British Telecommunications plc are negotiating a resolution to their battle for control of Airtel, Spain’s second-largest mobile provider. The negotiations could lead to an amicable BT exit from Airtel.
In addition, Vodafone plans to use Airtel to expand its wireless holdings in the Latin American mobile market, the Financial Times reported, citing “people familiar with the talks.” A shareholder meeting scheduled for next week has been postponed by Vodafone so it can continue talks with BT, the report said.
Vodafone and BT have been competing for several months to gain control of Airtel by buying a 30.5-percent stake from Banco Santander Central Hispano.
An existing agreement among shareholders to split any shares offered for sale has stalled either carrier from acquiring a majority control. Vodafone AirTouch currently owns 21.7 percent of Airtel, and BT holds 17.8 percent. Both have bid for the BSCH shares.
