British telecommunications company Vodafone Group PLC turned down a revised merger proposal from French telecommunications company Iliad for the Italian subsidiaries Iliad Italia and Vodafone Italia, Iliad SA announced on Wednesday.

Iliad SA had made a merger proposal to Vodafone on December 18.

The terms of the revised merger proposal included a 50/50 merger through the creation of NewCo, and Vodafone to get cash proceeds of €6.6 billion and €2 billion in a shareholder loan.

Illiad in turn would get €4 billion in cash proceeds and €2 billion in a shareholder loan. The company removed call options from the proposal.

Vodafone shares fell 3.1% to 66.62 pence each on Wednesday morning in London.

source: dpa

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