Vodafone tries to slim its way back to health

At the turn of the millennium Vodafone, a British telecoms company, had become one of the most valuable firms in the FTSE 100 index. On December 29th 1999 it had a market capitalisation of $152bn; Apple’s was $16bn. Today Apple is worth $2.6trn and Vodafone just $24bn, back at levels last seen in 1998 when the mobile ringtone was introduced (see chart).

Under its newish CEO, Margherita Della Valle, the beleaguered group is accelerating efforts to shed unwanted international assets. On February 28th Vodafone confirmed that it was in talks to sell its Italian arm to Swisscom; last year it agreed the sale of its business in Spain. Over the years the company has left America and China, cut ties with France and quit Japan and New Zealand; it may abandon Australia, too. Piece by piece Vodafone is dismantling its once-sprawling empire, leaving Germany and Britain as its main markets.