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Vodafone in deal talks: UK telecoms giant Vodafone said that it is pursuing several “live” deals in the European telecoms market as it reported its full-year results on Tuesday, says the Financial Times. The firm announced that sales were up 4% to €45.6bn, while core earnings were up 5% to €15.2bn. Both matched expectations, but management warned that inflation is likely to be a drag on returns in the year ahead. The numbers are unlikely to assuage pressure from shareholders, including activist investor Cevian Capital, to overhaul its businesses and strategy.

However, the arrival of a supportive new shareholder may give the firm some backing in its battle with activists. Etisalat, the state-controlled United Arab Emirates group, said that it has amassed a 9.8% stake in Vodafone. “A state-owned entity should prove more accommodating of an ex-growth stock with a chunky 6.3% historic dividend yield.” That