Vodafone Group PLC said yesterday it had withdrawn from the auction for AT&T Wireless Services Inc, the third-largest US mobile phone provider.
In a statement, Vodafone said it concluded that it was "no longer in its shareholders' best interests to continue discussions."
The British company said it remained "committed to its existing position in the US market with its successful partnership in Verizon Wireless."
Earlier this month, Vodafone said it was considering bidding for AT&T Wireless. The company on Monday matched Cingular Wireless' US$38 billion bid for AT&T Wireless, a source said on condition of anonymity.
Vodafone had no comment on details of its bid.
Atlanta-based Cingular, the US' No. 2 mobile phone provider with 23.4 million customers, early Monday offered US$14 a share for Redmond, Washington-based AT&T Wireless, after offering US$13 a share, or US$35 billion, over the weekend, two sources said.
A Vodafone deal would have required the British mobile-phone giant to sell its 45 percent stake in Verizon Wireless, the biggest mobile phone company in the US.
Vodafone shares rose ?0.0925 (US$0.1748) -- or 6.9 percent -- to ?1.4175 (US$2.67) a share on the London Stock Exchange following the announcement.
In Paris, shares in Vivendi Universal SA rose 4.5 percent in early trading on speculation that Vodafone would now turn its attention to the French company, hoping to gain control of SFR-Cegetel. The telecoms unit account for almost a third of Vivendi's revenue.
AT&T Wireless' share price has risen steadily in recent weeks on news that it was putting itself on the auction block. The carrier has more than 22 million subscribers, including a sizable base of corporate clients who tend to use more services and spend more money.
But the company has struggled in recent months.
Late last year, it couldn't add new subscribers because of a glitch in a new software system. The company also has acknowledged that it has lost more customers than it had gained under the new federal rules that took effect in late November allowing cellphone users to change carriers without losing their phone numbers.
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