Vodafone Shares Rise After Iliad Group Proposes Merger of Italian Operations

Shares of Vodafone Group rose 4.6% after Iliad Group said that it has put forward a proposal to the company to merge their Italian businesses in a deal that values Vodafone Italia at 10.45 billion euros ($11.38 billion).

The European telecom company said Monday that it is planning to create a new company jointly owned with Vodafone that will combine their Italian businesses.