LONDON---Mobile giant Vodafone PLC (VOD.LN) said Wednesday it has entered into discussions with Telstra Corp (TLS.AU) to explore a potential acquisition of Telstra's New Zealand subsidiary, TelstraClear.

MAIN FACTS:

-Discussions are continuing and there is no certainty as to whether an agreement will be reached.

-Vodafone shares closed Friday at 167.18 pence valuing the company at GBP85.69 billion.

-Write to Ian Walker at ian.walker@dowjones.com

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