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LONDON, July 23 (Reuters) - The board of Vodafone would seriously consider any offer for its 45 percent stake inVerizon Wireless if it offered more value to investors than thecurrent status quo, its chairman said on Tuesday.
Vodafone's partner in the United States, VerizonCommunications, has made little secret of its desire tobuy out Vodafone from its joint venture in a deal that would beone of the largest of all time, with a possible price tag ofaround $120 billion.
But the U.S. business has become central to the Britishgroup in recent years after its fortunes waned in core Europeanmarkets due to a poor economy, strict regulation and increasingcompetition.
Gerard Kleisterlee, speaking at Vodafone's annual meeting inLondon, said his board regularly reviewed the holding in thehighly successful U.S. business but added that he did not haveanything new to announce about the relationship.
"If we see proposals that generate more value forshareholders we will consider them," he told investors in ameeting that was dominated by questions about the U.S. sale andits European strategy.
"There is ongoing communication (that involves) the fullboard. Both executives and non-executives are involved in thosenegotiations with Verizon."
Two people close to the situation have told Reuters thatVerizon is working on a $100 billion offer, which was seen as anopening gambit by investors. A deal of that size would rankbehind only Vodafone's purchase of Mannesmann and Time Warner'sAOL buy.
Andy Halford, the group's finance director, told reportersafter the meeting that the company was in a very strong positionand happy with the status quo.
"Over the years both sides have had an interest in buyingthe other side out, and it ebbs and flows," he said. "The greatthing is the business is a good one, most people would love toown that business, so it's just a nice position to be in."
Vodafone Chief Executive Vittorio Colao said in May he wouldstake his reputation on selling the group's prized stake at theright time and right price, saying he would not bow to pressureto do any deal.
