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Significant Transactions for the Year Ended 31 March 2004

The Group undertook the following significant transactions in the year ended 31 March 2004:

Acquisitions
The Group increased its interests in a number of subsidiary companies in the year. These were:

Title

% interest at 31 March 2003 % interest at 31 March 2004
Vodafone Albania 82.4 99.7
Vodafone Egypt 60.0 67.0
Vodafone Greece 64.0 99.4
Vodafone Hungary 83.8 87.9
Vodafone Malta 80.0 100.0
Vodafone Netherlands 97.2 99.9
Vodafone Portugal 94.4 100.0
Vodafone Sweden 99.1 100.0
 

In September 2003, the Group acquired two UK service providers, Project Telecom plc and Singlepoint, for cash consideration of £164 million and £417m, respectively.

Disposals
The Group completed the disposals of its interests in its Indian and Mexican associates, RPG Cellular and Grupo Iusacell.

On 14 November 2003, Vodafone Holdings K.K. (formerly Japan Telecom Holdings Co., Ltd.) completed the disposal of its fixed line business.

Cegetel-SFR Group restructuring
On 14 October 2003, the Group and Vivendi Universal completed a number of agreements designed to further improve the performance of Cegetel and optimise the cash flows between Cegetel and its shareholders. These agreements cover:

  • increased co-operation in relation to the development and roll out of new products and services,
  • including Vodafone live!TM, and operational synergies, including procurement;
  • the simplification of the legal structure of Cegetel;
  • the payment of quarterly dividends; and,
  • the merger of Cegetel's fixed line business with Télécom Développement.

 

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