Vodadfone announced the details of their greater than $6 billion share repurchase plan. They have structured it similarly to an accelerated repurchase plan in that they cannot back out, and will complete the plan by the end of the year.
Vodafone Investor Relations clarified to me that the repurchase plan does not have to be completed by year end and likely will not be completed by then. The wording that confused me on the buyback announcement was as follows:
On 17 June 2011 Vodafone gave irrevocable instructions to Deutsche Bank AG London … to purchase Vodafone shares on Vodafone’s behalf during the period from 20 June 2011 until 30 December 2011 (the “Period”).
I apologize for the mistake. Vodafone remains my largest long position.