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Vodafone plans to eliminate hundreds of jobs through cost-saving measures.
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Financial Times has reported citing people briefed about the discussions on January 13.
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Vodafone's announcement in November of cost-saving measures that amount to $1 billion ($1.08 billion) in the aftermath of declining market conditions.
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Since that time, the company's CEO Nick Read has stepped down.
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The British telecom company's shares were nearly half after the board expressed their displeasure about the direction under Mr. Smith.
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British telecom company Vodafone announced that it had reached an agreement to sell its Hungarian business to the local IT firm 4iG as well as 4iG, as well as the Hungarian state.
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In addition, the deal will receive an amount of cash totaling 1.7 million euros ($1.82 billion) in the sale.
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Vodafone confirmed on Monday the proceeds of the sale would be used to pay off the debt.