August 29, 2013 / 7:27 AM / 4 years ago

Vodafone shares hit 12-year high on Verizon talks

A pedestrian passes a Vodafone store on Oxford Street in central London, November 10, 2009.Kevin Coombs

LONDON (Reuters) - Vodafone (VOD.L) stock hit a 12-year high on Thursday after the UK-listed telecom confirmed it was in talks to sell its 45 percent stake in a U.S. joint venture to partner Verizon Communications (VZ.N).

At 0711 GMT (2:11 EDT), Vodafone's stock was up 8.3 percent at 205.01 pence, off a high of 207 pence, leading risers on the pan-European FTSEurofirst 300 index .FTEU3, which was up 0.5 percent.

Demand to trade the stock was strong after a delayed open, with volume at nearly half its 90-day daily average after less than 15 minutes trade. That compared with an average traded volume across the FTSEurofirst 300 of less than 8 percent.

Reporting By Francesco Canepa; editing by Simon Jessop

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