The activist group stalking Vodafone is struggling to win support for its plans, with six key investors in the mobile phone group pledging to vote against the rebels’ £38 billion “value-creation” proposal.

M&G Investment Management, Vodafone’s second-biggest shareholder with nearly 3 per cent of the stock, led a body of investors who dismissed the radical propositions tabled by Efficient Capital Structures (ECS), which owns just 0.0004 percent of the mobile operator’s equity but wants to break up parts of the group.

“We will be voting against this,” M&G said.

It follows Morley Fund Management and Insight Investment Management in publicly backing the £84.5 billion mobile giant against the activist group led by John Mayo, the former Marconi chief.

Further support for Arun Sarin, the Vodafone head, came yesterday from Lord MacLaurin of Knebworth, the group’s former chairman. He described the plans as “ludicrous.”

Last night ECS remained optimistic about securing backing for its demands, which would involve Vodafone taking on an additional £34 billion of debt and potentially spining off its holding in Verizon Wireless, its American joint venture.

In a statement last night, Glenn Cooper, chairman of ECS, said: “The initial response from shareholders has been positive and supportive.”

The rebel group, which has exploited a little-known loophole of company law to ensure that its proposals are put to a vote at July’s annual meeting, said that it had been invited to discussions with some top-ten investors next week.

Vodafone, which is being advised on its defence by bankers including Simon Dingemans, of Goldman Sachs, is expected to meet investors as part of a postresults roadshow over the coming week.

Lord MacLaurin, who is still a consultant to the mobile giant, said: “The Vodafone board is entirely right to reject this out of hand. I think it will be overwhelmingly defeated. It is absolutely ridiculous.” While Vodafone is thought to welcome a debate, it is thought to have emphasised to investors that it had considered all the issues suggested by ECS long ago.

While the credibility of Mr Mayo and the practicality of some of the group’s ideas are being questioned, ECS has won support for raising “pertinent” issues about Vodafone. Many analysts have questioned in recent months whether the mobile group could be worth more in parts than as a whole.

One major shareholder, who declined to be named, said: “What this does do is give the company a nudge to move a little faster in the right direction.”

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