The Swedish investment firm has been in talks with Vodafone officials in recent months as it pushes the carrier to improve performance, the people said, asking not to be identified because the information is private.
 
Options to boost value at Vodafone could include consolidating its presence in key markets, selling some operations or pursuing stock buybacks, the people said. Representatives for Cevian and Vodafone declined to comment.

Vodafone shares gained 1.2 percent in London trading Friday, giving it a market value of GBP 34.5bn (EUR 46.2bn). The company's American depositary receipts rose 5.8 percent.

Cevian's move comes as fellow activist investors ­ impatient for returns ­ increasingly target some of the UK's largest companies. Those under the spotlight now include Unilever, GlaxoSmithKline and Shell.