Voda’s Aussie arm tie-up talks

VODAFONE shares edged up as it revealed that its Australian arm is involved in merger talks with a local rival.

It is exploring a tie-up with TPG Telecom to offer mobile and broadband services.

It is not yet clear whether it would represent a takeover by either party.

Shares in TPG soared but the reaction in London was more subdued as Vodafone fell 0.3pc, or 0.44p, to 175.7p after the announcement yesterday.