Mobile phone retailer T-Mobile US has announced that it is offering about 10 million customers free shares as it takes on its bigger rivals.

Pay-monthly customers can get one share - now worth $43.07 - with the chance of more for referring new customers and long-term customers will get an extra two shares per referral.

John Legere, chief executive, said: "This has never been done before," by a public company.

Being the third largest US network, T-Mobile provides its customers with gifts, tie-ups with ticket agency StubHub and free video-streaming options. This has ignited a price war with providers battling it out for market share.
Mr Legere, added: "Get ready for a gratitude adjustment, America. This Un-carrier move is all about giving you a good thanking! No strings. No gotchas. Just 'thank you for being a customer'".

Andrew Sherrard, chief marketing officer at T-Mobile US, commented: "Some [free offers] will cost us some money but over time we think it will be a really good investment."