Vodafone today fought off an attack from shareholders at its Annual General Meeting, aimed at forcing the British mobiles giant to rethink its American strategy.

Efficient Capital Structures (ECS), led by the former Marconi finance director John Mayo, challenged Vodafone to sell its 45 per cent shareholding in US-based Verizon Wireless and leverage up the company with a further £34 billion in debt to make an increased return to shareholders.

Just 7 per cent of shareholders voted in favour of Vodafone selling off the Verizon stake while 5 per cent of investors backed a resolution to force the mobile company to issue bonds.

Although Vodafone saw off today's challenge from ECS, some observers still think the company will re-examine its US strategy, including CIBC World Markets, the American investment bank, and Glass Lewis & Co, the proxy shareholder adviser.

Shares in Vodafone fell from 160p to 158p.

Mouse may roar: Business Editor James Harding on John Mayo

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