Cevian reduces its stake in Vodafone, reports the FT

(Reuters) – Activist fund Cevian has cut its stake in Vodafone amid heightened doubts about the British telecoms group’s ability to improve its financial performance, the Financial Times (FT) reported on Saturday, citing people familiar with the matter. .

Cevian became one of Vodafone’s top 10 shareholders after acquiring a large, undisclosed stake last year, the newspaper writes.

Before selling most of this stake in June, the activist fund wanted Vodafone management to rationalize the group’s international assets and get rid of unprofitable divisions, adds the FT.

Vodafone and Cevian did not immediately respond to a request for comment.

The FT reported in January that Abrdn, another big Vodafone shareholder, backed Cevian’s restructuring proposal.

(Report Sneha Bhowmik in Bangalore; French version Claude Chendjou)