Jointly owned VHA (merged 3 and Vodafone company) have hit the buffers and the top brass from both Vodafone and Hutchison Whampoa have been despatched to Sydney to rescue the business.
First thing they have done is to dump the 3 brand and use Vodafone. They are now in the process of encouraging as many 3 customers to switch to Vodafone contracts.
See here: www.three.com.au
3 Australia was one of the better performing businesses of the group and has declined and died quickly after Kevin Russell was deployed to the UK as CEO of 3 UK. He has now departed back to Austrailia to Telstra 3/Vodafone's big competitor.
HWL did not throw endless cash at 3 Australia and what is happening down under could be a clue to what might happen in the UK as 3 has had £10 billion plus invested in it and has only turned in a few million trading profit. With consolodation the name of the game how long before HWL cut their losses here as there is no prospect to recoup anything close to the amount they have invested.
First thing they have done is to dump the 3 brand and use Vodafone. They are now in the process of encouraging as many 3 customers to switch to Vodafone contracts.
See here: www.three.com.au
3 Australia was one of the better performing businesses of the group and has declined and died quickly after Kevin Russell was deployed to the UK as CEO of 3 UK. He has now departed back to Austrailia to Telstra 3/Vodafone's big competitor.
HWL did not throw endless cash at 3 Australia and what is happening down under could be a clue to what might happen in the UK as 3 has had £10 billion plus invested in it and has only turned in a few million trading profit. With consolodation the name of the game how long before HWL cut their losses here as there is no prospect to recoup anything close to the amount they have invested.



