Vodafone today committed itself to holding on to its full 45 per cent stake in Verizon Wireless, the US mobile phone group, as it turned down the right to sell back up to $10 billion of shares to the US group's other shareholder.

The FTSE 100 mobile phone group had until tomorrow to exercise a "put" option that would allow it to sell up to $10 billion of its interest to Verizon Communications, America's second-largest telecoms group.

Vodafone said that Verizon Wireless offered strong growth prospects and the UK group "continues to believe that retaining its full 45 per cent interest is in the best interest of shareholders".

However the move comes just two weeks after Sir John Bond, Vodafone's chairman, indicated that the group was considering releasing cash from its Verizon Wireless stake by exercising its "put" option.

The Verizon Wireless stake is worth about $45 billion, according to City analysts.

The company said that this was the last such option it had to reduce its holding in Verizon Wireless.

The decision does not preclude Vodafone from agreeing a deal with Verizon Communications, or another party, for the sale of all or part of its 45 per cent stake at a future date. However the sale of part of the stake could put pressure on the group to complete a full sale.

The move comes despite shareholder pressure on Vodafone to sell or spin off its holding. Last month Vodafone saw off calls by Efficient Capital Structures, a small minority shareholder, to spin off the Verizon Wireless stake. The proposals failed to win sufficient support from larger investors, with only 7 per cent of shareholders backing or abstaining from a vote on the proposal.

One leading Vodafone investor this week told The Times: “It is better to sit tight and wait.”

Verizon Communications has previously indicated its willingness to buy back Vodafone's share.

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