Following shareholder approval for Vodafone Group to sell its stake in Verizon Wireless, and AT&T saying it does not intend to make a bid for the UK-based group, speculation continues about the future of Vodafone’s emerging market operations.

WantChinaTimes reported that AT&T’s statement could open the way for China Mobile to bid for a stake in Vodafone, ranging between 5 per cent and 20 per cent.

China Mobile is understood to be keen to tap into the African markets in which Vodafone has a presence. Vodafone previously held a stake in China Mobile, which it sold in 2010, and the operator groups jointly bid for a mobile licence in Myanmar last year.

Although AT&T’s statement earlier this week rules it out of making a bid for six months, this could change if a rival such as China Mobile makes a move. If AT&T was then to secure Vodafone, then the emerging market operations of the UK group could still be up for grabs.

AT&T is believed to have examined spinning off Vodafone’s emerging markets assets into a new entity that could be acquired by a single buyer, with China Mobile and America Movil both mentioned as contenders.

It has been suggested that finding a home for Vodafone’s assets in Africa and India could be a stumbling block for a potential deal as AT&T is more interested in Vodafone’s core European holdings.

Randall Stephenson, AT&T’s boss, made no secret of his desire for European expansion given the region’s greater scope for mobile broadband growth than in the US.

And the emerging market operations could become more attractive if Vodafone goes through with its plan to invest £1.5 billion of its proceeds from the sale of its stake in Verizon Wireless in its Africa, Middle East and Asia Pacific operations, as part of a wide-ranging investment programme called Project Spring

Another company that has been connected to a deal with Vodafone is UK-based satellite TV provider British Sky Broadcasting. The two companies were reportedly in talks recently over how to combat the growing threat of fixed operator BT in the areas of content and broadband.