Vodafone shares rise on Cevian news, hopes for more deals

FILE PHOTO: Branding hangs outside a Vodafone shop in Oxford, Britain, May 16, 2017. REUTERS/Toby Melville

LONDON (Reuters) - Shares in Vodafone rose 4% on Monday after reports that activist investor Cevian Capital had bought an undisclosed stake in the mobile group to encourage it to lead a consolidation drive in Europe.

Analysts and investors welcomed the move after the British company's shares languished during the two years of the pandemic, held back by competition in markets such as Italy, Spain and Portugal.