Vodafone set for £6bn write-down

NEWS Vodafone is set to take a write-down on acquisitions, expected to total around £6bn. The write-downs are a result of the acquisition of German fixed line operator Arcor and heavy investment in China Mobile. Vodafone acquired Arcor as part of its £137bn takeover of Mannesmann and invested £1.7bn in China Mobile in October 2000, only to see its share price fall sharply. Vodafone had until now avoided following the rest of the telecoms sector into taking big write-downs on investments and acquisitions made during the technology boom period. However, according to the Financial Times the company is maintaining that it will still not write-down the £13bn it spent on 3G mobile phone licences.