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Vodafone COE Vittorio Colao announced that the UK company had no plans to sell its stake in Verizon Wireless, the leading US mobile phone operator. He said Vodafone's board had an "open mind" about the future of its 45 per cent stake in Verizon Wireless, but stressed the company currently thought to "stay where we are is the best thing".

He also said Nigeria, Africa's most populous country, might be of interest to Vodafone.

Mr Colao was asked about Vodafone's Verizon Wireless stake at a Morgan Stanley - organised conference in Barcelona.

Ivan Seidenberg, chief executive of Verizon Communications, the US telecoms company that owns 55 per cent of Verizon Wireless, said in June the company would like full ownership of the mobile operator.

He questioned whether Mr Colao, who replaced Arun Sarin as Vodafone's chief executive in July, might want "to do something different".

Mr Colao highlighted the synergies that would be achieved through Verizon Wireless buying Alltel, a smaller US mobile operator, for $28bn.

The deal, due to complete before the end of next month, should make Verizon Wireless the largest US mobile operator by number of customers.

Mr Colao said Vodafone's board regularly reviewed all options relating to the company's Verizon Wireless stake, adding: "We have an open mind. The current analysis, based on the value that will be extracted from Alltel . . . is stay where we are is the best thing."

Morgan Stanley analysts estimate the equity value of Vodafone's 45 per cent stake in Verizon Wireless, excluding Alltel, to be $40-$50bn.



Earlier this month, Vodafone agreed to pay £1.3bn ($1.95bn) to secure control of Vodacom, South Africa's largest mobile operator, and it could be used as a springboard for expansion elsewhere in Africa.