Reuters: Hot Stocks: Vodafone shares open 1.2 pct down after Verizon deal agreed

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Vodafone shares open 1.2 pct down after Verizon deal agreed Sep 3rd 2013, 07:10 LONDON, Sept 3 | Tue Sep 3, 2013 3:10am EDT LONDON, Sept 3 (Reuters) - Shares in Vodafone opened 1.2 percent down on Tuesday after Verizon Communications agreed to pay $130 billion to buy the British company out of its U.S. wireless business, Verizon Wireless. Vodafone shares fell to 209.5 pence, valuing the company at around 101 billion pounds ($157.20 billion). Vodafone shares had risen to their highest level since April 2001 on Monday. Verizon Communications agreed on Monday to buy Vodafone out of Verizon Wireless in a cash and shares agreement - history's third largest corporate deal. For the British group, the accord will allow it to return 71 percent of the net proceeds, or $84 billion including all of the stock, to shareholders while also ramping up investment in its networks to set itself apart from rivals.

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