Two decades ago Vodafone was riding high, pulling off a blockbuster takeover with its 2000 acquisition of German rival Mannesmann in a deal worth £113bn. Now the UK-based telecoms group is making headlines for its retreat, after announcing this week it will exit Spain, one of its main European markets, selling its business there for up to €5bn to a fund founded by two former Virgin Media executives. The retrenchment represents both a humbling for the telecoms group and what investors hope signals a fresh start following years of a languishing share price.
Price Momentum VOD is trading near the bottom of its 52-week range and below its 200-day simple moving average. Investors have been pushing the share price lower, and the stock still appears to have downward momentum.