Vodafone said yesterday it was exploring a possible bid for AT&T Wireless, the US wireless operator valued at $30 billion (€23.76 billion) or more.

The UK telecoms group has previously indicated that it was eyeing up AT&T Wireless, which put itself up for sale two weeks ago, but the statement is the clearest indication yet that the company might bid.

An agreement that allows Vodafone to offload its stake in Verizon Wireless could facilitate a competitive bid.

Vodafone's disclosure over Verizon suggests its bargaining power is stronger than previously thought in negotiating an exit price.

"It [an initial public offering] is an option they will use to pressure Verizon to get a reasonable price," said one telecoms analyst. "The more they can get for Verizon, the more they can justify bidding a higher price for AT&T Wireless."

Getting a good price for its stake in Verizon - the leading US wireless operator - is critical if the world's largest mobile operator is to mount a competitive bid for AT&T Wireless.

But as the Friday deadline to make a formal offer for AT&T approaches, some shareholders are concerned that the adventure could prove too costly for Vodafone as Cingular, the second- largest mobile operator in the US, prepares to make a rival bid and executives from NTT DoCoMo, Japan's dominant mobile operator, meet to make a final decision on an offer.

Vodafone is believed to be discussing an exit price with Verizon Communications, the majority owner of Verizon Wireless.

Under US regulations, Vodafone will have to agree to sell its holding in Verizon Wireless before an offer for AT&T Wireless can be approved.

Analysts have estimated Vodafone's stake in Verizon Wireless to be worth around $23 billion, compared with an estimated purchase price for AT&T Wireless of $30 billion or more. However, some large shareholders have expressed concern that buying AT&T Wireless will be earnings dilutive for Vodafone.

Achieving a higher sale price for its US stake would help ease some of these investor concerns.