By Kyle Morris

Vodafone Group PLC confirmed Thursday that it has rejected a preliminary, nonbinding indication of interest from Iliad SA and Apax Partners LLP to buy Vodafone Italy.

The U.K.-based telecommunications company said it rejected the approach as it isn't in the best interests of shareholders.

A price wasn't disclosed by Vodafone, but U.K. newspaper the Financial Times reported Wednesday that it was around 11 billion euros ($12.57 billion).

Vodafone said it remains focused on delivering shareholder value through its organic-growth strategy in the medium-term and portfolio optimization. The company continues to pursue value accretive consolidation to deliver sustainable market structures in its major European markets, including Italy, it said.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

February 10, 2022 09:10 ET (14:10 GMT)

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