Vodafone shareholders expect £40bn payout from Verizon sale "Assuming they can reach the transaction, I think there will be a substantial dividend, although I would not imagine it would be paid in one go," said one major UK shareholder contacted by The Telegraph who believes that Vodafone will use around $90bn for acquisitions and pay-outs, with $60bn of that returned to shareholders. "It would still give Vodafone a warchest with which to execute its strategy, but if there isn't a substantial return I think there would be a significant shareholder revolt," the fund manager, who is one of Vodafone's 20 biggest investors, said. Another shareholder said they expected a similar windfall, although they said Vodafone will need to invest in order to create a valuable business in Europe after selling its most lucrative asset. One mooted takeover target would be Liberty Global, US billionaire John Malone's European cable company, which recently bought Virgin Media. "There are a number of things they can buy, the one thing they would love to buy is Liberty Global," the person said, warning that acquisitions will be expensive with potential targets knowing that Vodafone has cash to spend. A £40bn payout would equate to 83p per share. Vodafone shares rose 2.9 to 207.7p on Friday. A payout, which would be the equivalent of handing Vodafone shareholders the value of Barclays or Glencore Xstrata, would also serve as a major boost to the economy. £40bn is equivalent to more than 10pc of the Bank of England's Quantitative Easing programme. An alternative is for Vodafone to be sold, with AT&T, the US telecoms giant, touted as a potential bidder after eyeing expansion in Europe. Analysts at Bank of America Merrill Lynch value Vodafone's non-US assets at £46bn.