Xavier Niel is buying a 16.2% stake in Vodafone through his investment vehicle Vega for about €5.1B, becoming the company's largest shareholder while Vega says it will not seek majority control.The shares are being purchased from Emirates Telecommunications e&, a deal that required the immediate resignation of Hatem Dowidar from Vodafone's board and that awaits regulatory approvals expected by year-end.Vodafone completed a deep restructuring, including sales in Spain and
Italy and a merger with a
UK rival, and reported a €397M net loss for its last fiscal year while its
London-listed shares rose about 11% after the announcement.