Verizon Bids to Buy Out Vodafone's Wireless Stake

Verizon Communications has informally approached Vodafone Group to purchase the company's 45 percent stake in Verizon Wireless. Under pressure amid AT&T's buyout of BellSouth for complete control of Cingular, Verizon has offered $40 billion to acquire the remaining shares.

"We have made our interest in acquiring Vodafone's stake in Verizon Wireless clear," a Verizon source said. "The ball is now in Vodafone's court."

If approved by regulators, the combined Verizon would become the country's largest telecom company, with plans to challenge cable and satellite companies in offering bundles of phone, Internet, and video services.