China Mobile, Vodafone to Develop High-Speed Handset

Wednesday, 15 Sep 2010 07:31 AM

 

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China Mobile Ltd. and Vodafone Group Plc are jointly developing a handset as the companies continue to cooperate on high-speed wireless services, Chairman Wang Jianzhou said.

The two carriers are jointly developing a new mobile phone that will support long-term evolution, or LTE, technology, Wang said in a Bloomberg Television interview in the Chinese city of Tianjin today. Vodafone’s sale of its stake in China Mobile has helped remove “uncertainty in the market,” Wang said.

Vodafone last week raised $6.5 billion from the sale of its 3.2 percent stake in China Mobile, the world’s biggest phone carrier by market value. The Newbury, England-based company will use the proceeds to repay debt and buy back shares, and has said it may sell other investments.

China Mobile “recently” met with Vodafone’s Chief Executive Officer Vittorio Colao in Europe, Wang said in the interview at the World Economic Forum.


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