On January 20, 2023, Cevian Capital AB announced that it has dumped its entire stake in Vodafone Group Public Limited Company in an apparent admission of defeat. Cevian Capital has pushed for the Company to slim down its business and sell off poorly performing divisions in an effort to turn around a dismal performance in the share price, which over the last five years has fallen by 60pc. But Cevian seems to have given up on efforts to reform the business, with the Cevian having now offloaded its entire stake.

The decision followed news in October that Cevian had reduced its holding over the summer as rising interest rates dampened prospects that Vodafone would be able to secure favorable deals. In addition, an agreement signed in August for Vodafone to sell its Hungarian business for £1.6bn seemed not to have helped matters.