Vodafone has declined an offer from Xavier Niel’s iliad Group that would have seen a merger of the two companies.
The proposals valued Vodafone Italia at €10.45 billion; under the plan a new company would be held by the two parties with each receiving 50% of the share capital.
In a statement, iliad said it was “confident that the offer presented was the best possible business combination to benefit a struggling Italian market and telecommunications industry.”
It said iliad Italia will now pursue its stand-alone strategy.
