Verizon Wireless is the largest mobile phone operator in the US with about 27 million subscribers.
The company has been attempting to finalize the public offering of its mobile unit since last autumn. At first expected before April, now even that deadline is being called into question
The market listing for the company, 45 percent owned by Vodafone of the UK, was first put back because of volatile market conditions prompting speculation within the city that the UK firm might attempt to buy its US partner out. Vodafone, in response, dismissed the rumors, denying that there was any truth in the news. We said at the time we would look at the flotation when market conditions improved, said a spokesperson. We never set a timescale.
Continued discontent and a downturn in the US economy could place the whole project in jeopardy. Nevertheless, a number of mobile operators are planning share issues this year. Japan’s NTT DoCoMo and France Telecom’s Orange have already launched major share initiatives while providers including British Telecom, Deutsche Telekom, KPN of the Netherlands, and the US firms BellSouth and SBC are poised to follow.
The time for public floatation may not be ideal but with the lead being taken by such industry giants, it may well be a gamble that has to be taken.
