The iliad group announced on Wednesday that Vodafone had rejected its revised proposal to merge their respective subsidiaries in Italy.

In a press release, iliad states that the British telecoms giant has rejected a new, improved offer following an initial proposal made last month.

This merger at parity - which provided for the creation of a new entity - valued Vodafone Italia at 10.45 billion euros in terms of enterprise value and iliad Italia at some 4.25 billion euros.

In December, Vodafone had expressed its support for consolidation moves in markets where it felt it was not achieving sufficient profitability, and confirmed that it was exploring options with several parties to achieve this in Italy.

Taking note of Vodafone's decision, iliad says it intends to pursue its current strategy and continue to strengthen its positions in the Italian market through market share gains in all segments.

Following this rejection, Vodafone shares listed on the London Stock Exchange lost more than 3% in early trading on Wednesday morning.

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