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LONDON, May 3 (Reuters) - Verizon Communications would like to buy out Vodafone from their Wireless jointventure but will not do so at any cost, its chief executive hastold JP Morgan analysts,
In a note to clients, analyst Philip Cusick said Verizonboss Lowell McAdam had said he did not believe a premium wouldbe required to buy Vodafone's 45 percent stake in the highlysuccessful Verizon Wireless business, because Verizon alreadyhad control through its 55 percent holding.
Shares in both groups are up over 20 percent this year onspeculation Britain's Vodafone could finally exit the leadingwireless business in the United States, a partnership the twofirms' formed in 2000.
Verizon management have stepped up the rhetoric in recentmonths, saying they want to do a deal and two people familiarwith the situation have told Reuters that Verizon is working ona possible $100 billion bid to take full control of the asset.
In response, Vodafone has said it has an "open mind" onwhether to stay in the business, which makes up around 75percent of its market value.
McAdam also indicated to the JP Morgan team that the twoowners could face a "lean" year in terms of the dividend theyreceive from the Verizon Wireless asset, a move which couldincrease tensions between them.
Verizon refused to sanction a dividend from the Wirelessasset between 2005 and 2011 because it said it preferred to paydown debt and make acquisitions. That however was seen byanalysts as a move to pressure Vodafone out of the jointventure.
The JP Morgan analyst said McAdam had noted that $5 billionof Verizon Wireless's $10 billion of gross debt would be duebetween now and the first half of 2014, and that the group woulduse Verizon Wireless cash flow to pay down debt before payingout dividends.
The note said also Verizon was confident it did not need aVerizon Wireless dividend to pay its own corporate payout.
A Verizon spokesman in London could not immediately bereached for comment.
