Arun Sarin, the chief executive of Vodafone, offered an olive branch to rebel shareholders yesterday by pledging to release value from his group’s $50 billion (£24 billion) American joint venture, Verizon Wireless.

The concession comes as Vodafone prepares for its annual meeting next week. Efficient Capital Structures (ECS), a small rebel shareholder, is agitating for the group to spin off its 45 per cent holding in Verizon Wireless or to issue a tracker stock.

Those options were dismissed by Vodafone last month, but yesterday the company appeared to be softening its stance and acknowledging that the Verizon investment was not yielding the returns it could.

Mr Sarin promised that he was not “just waiting” for Verizon Wireless to reinstate its dividend, which has not been paid for two years.

“Frankly, there are other things we might be able to do along the way to maximise the value for our shareholders,” he said.

The group was also considering US options outside Verizon Wireless, he said. However, a bid for Verizon Communications, its joint venture partner, had no merit.

Mr Sarin declined to detail further Vodafone’s own plans for releasing value from the stake, but his comments were welcomed by ECS.

The rebel shareholder said: “This shows that the arguments have hit home . . . that Vodafone has accepted that the status quo is unsustainable.”

Vodafone is known to have weighed up a variety of options for the stake, including ones similar to those proposed by ECS.

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