Vodafone’s (LON:VOD) market capitalisation has shrunk in the wake of the sale of its 45% stake in Verizon Wireless.
The mobile network giant’s value is now almost £51bn lower following completion of the deal – the third biggest in corporate history.
The group returned the cash to shareholders, who received 72p in Verizon shares and 30p in cash for each Vodafone share owned.
They will now have to choose whether to hold on to the respective shares or sell.
Their decision might be influenced by the fact their dividend will fall by around half following the share consolidation. The stock was a favourite among dividend seekers, being one of the most reliable returners of cash on the Footsie.
Vodafone was trading for 248p a share, down from 431p on Friday. Including the share consolidation, that works out as a 5% rise on the day.