Vodafone says it will use its spare cash for a share buyback if its E13.5 billion offer for Cegetel is rejected. Vodafone is bidding to buy a 44% stake in Cegetel from troubled media giant Vivendi Universal. Cegetel holds an 80% stake in mobile operator SFR.
Vodafone is looking to gain a presence in France, as the country is the one gap in its European footprint. It is thought Vivendi is keen to hold on to Cegetel, but is under pressure to sell to reduce its debts.