UPDATE 5-Vodafone rejects investor call to free up cash

(Reuters) - LONDON, June 7 - British mobile phone company
Vodafone Group Plc
to shareholders by spinning off its key U.S. asset and issuing
bonds.




The world's biggest mobile operator outside China said the
proposals by investment group Efficient Capital Structures
, backed by the former deputy chairman of telecoms
equipment maker Marconi, were not in shareholders' interests.


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