Vodafone stock surges after Liberty Media discloses 4.9% stake

The U.S.-listed shares of Vodafone Group PLC
VOD,
+4.35%

VOD,
+2.09%
climbed 2.4% in midday trading Monday, after media company Liberty Global PLC
LBTYA,
-1.72%

LBTYK,
-1.47%
said it has acquired a 4.9% stake in the U.K.-based telecommunication services company. Liberty said the purchase of the 1.335 billion shares of Vodafone was funding through a financing that required equity funding of about GBP225 million ($272.8 million). Liberty indicated its interest in Vodafone is as a passive investors, as it does not intend to seek seats on Vodafone’s board of directors, and that it isn’t considering making a buyout bid for the company. Liberty’s more-active Class A shares shed 0.4% in midday trading. Vodafone’s stock has lost 8.5% over the past three months while Liberty shares have tacked on 3.3% and the S&P 500
SPX,
+0.92%
has advanced 3.4%.