Verizon Communications has denied it wants to buy or merge with Vodafone following press reports indicating that the US-based company could make a joint move for the UK operator with its arch rival AT&T.

In a statement, Verizon said it has no plans for a bid, but confirmed it remains interested in buying Vodafone's 45 percent stake in Verizon Wireless.

"Verizon Communications Inc notes the recent press speculation regarding a potential merger with or purchase by Verizon of Vodafone," the company said.

"As Verizon has said many times, it would be a willing purchaser of the 45 percent stake that Vodafone holds in Verizon Wireless. It does not, however, currently have any intention to merge with or make an offer for Vodafone, whether alone or in conjunction with others."

On Tuesday, Vodafone shares jumped to a ten-year high on the back of reports that Verizon and fellow US firm AT&T were readying a joint bid.

However, Vodafone shares fell 3.4 percent following Verizon's statement that it has no plans to make an offer.

Verizon owns 55 percent of Verizon Wireless and has been open about its intention to buy out Vodafone for years.

For some months there has been speculation about a Verizon Wireless deal between the two firms, with Vodafone chief executive Vittorio Colao saying he had an "open mind" about the US carrier.

However, it is rumoured that proposals for a deal stalled because such a move could leave Vodafone with a large tax bill should it sell some or all of its stake, given that Verizon Wireless' value is now significantly higher than when it was formed in 2000.

In November last year, Vodafone unveiled a new strategic approach after it made a €2.4 billion loss. The operator's poor financial performance came despite the billion dollar windfalls received from its stake in Verizon.

Last month, Verizon replaced Vodafone as the most valuable telco brand in the world, according to the annual ranking by consultancy brand finance.

More News

Deutsche Telekom launches M2M partner programme Deutsche Telekom launches M2M partner programme Deutsche Telekom has become the latest European operator to launch an M2M partner programme as it looks to scale projects across the continent.  More detail
Ericsson CFO says it couldn’t compete with “shining star” Qualcomm in modems as Q3 sales rise Ericsson CFO says it couldn’t compete with “shining star” Qualcomm in modems as Q3 sales rise The CFO of Ericsson shed more light on its recent sudden exit from the modem business as the vendor kept its promise to deliver growing revenues.  More detail
Tele2 makes money from falling customer numbers in Q3 Tele2 makes money from falling customer numbers in Q3 Tele2 has seen sales rise in the third quarter despite a fall in overall subscriber numbers.  More detail
HERE goes €1.2 billion as Nokia sees revenues rise HERE goes €1.2 billion as Nokia sees revenues rise Nokia Networks booked a €1.2 billion hit to operating profits at its HERE mapping business, a black mark amid a strong set of Q3 figures. More detail
Telekom Austria turns third quarter corner as sales rise, €1 billion on the way  Telekom Austria turns third quarter corner as sales rise, €1 billion on the way Telekom Austria has turned a financial corner after reporting that third quarter revenues increased, while net income grew by 150 percent.  More detail