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Verizon to pay $8.5 billion dividend to its owners
Monday - 11/12/2012, 4:42pm EST
BASKING RIDGE, N.J. (AP) - Verizon Wireless on Monday said it will pay a dividend of $8.5 billion next month to its owners, Verizon Communications Inc. and Vodafone Group PLC.
The distributions are to be paid in one or more tranches on or before Dec. 31, with each tranche paid in proportion to the owners' partnership interests on the payment date.
Vodafone, a British mobile phone company with wide international interests, owns 45 percent of Verizon Wireless. Verizon Communications owns the other 55 percent of the partnership.
Verizon Wireless paid a dividend of $10 billion to its owners last January.
Shares in Verizon Communications fell 8 cents to $42.56 and Vodafone Group's U.S.-traded shares declined 17 cents to $26.39 in Monday trading.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)