Receive Breaking News updates as they occur
Vodafone has agreed to buy Spain's largest cable operator Ono for 7.2 billion euros ($10.03 billion), in the latest move by the British group to acquire fixed-line assets to rebuild its European operations. Vodafone said on Monday it expected to achieve cost and capital expenditure savings of approximately 240 million euros, before integration costs, by the fourth full year after completion. The deal for the private equity-owned group is Vodafone's third purchase of a European fixed-broadband asset in two years as the company seeks to improve its networks and shore up its European businesses after they were hit by fierce competition, the recession and regulatory cuts. Vodafone has launched a program to invest in its networks, and acquire assets where necessary, after selling its U.S. arm for $130 billion last year.
Toyota said Monday it has suspended production at its two Indian auto assembly plants in response to threats against management and "deliberate" assembly-line stoppages, as efforts to hammer out a labour deal failed. The world's biggest automaker said the move will see the lock-out of about 6,400 employees at the factories in southern India. "In the meantime, under the instigation of the union, certain sections of the employees have resorted to deliberate stoppages of the production line, abuse and threatening of supervisors thereby continuously disrupting business for the past 25 days," Toyota said in a statement. A Tokyo-based company spokesman said Toyota hoped to restart production quickly.