UPDATE 1-Vodafone hives off minority stakes in new structure

* To operate within two regional units instead of three

* Verizon, SFR, Polkomtel, Bharti stakes held separately

* Share price down 0.2 pct

(Adds details, background, share price)

LONDON, Sept 9 (Reuters) - Vodafone (VOD.L), the world's largest mobile operator by revenue, is to simplify its structure following a drive to overhaul its portfolio after investor complaints.

The British company had said in July it would reconsider its strategy and look to "maximise shareholder value", with analysts expecting it to seek to sell certain minority-owned assets.

Vodafone, which this week sold its 3.2 percent stake in China Mobile (0941.HK) for $6.5 billion, said on Thursday it would cut its operating regions to two from three and hold outside the regional structure its main minority stakes in other operators.

Its stakes in U.S. operator Verizon Wireless, France's SFR, Polkomtel in Poland and India's Bharti would now be held separately, it said, but added that this did not mean it had decided what to do with these assets.

Vodafone said from Oct. 1 it would remove management layers and have two operating regions compared with the three it has previously used. Europe will comprise one unit and Africa, Middle East and Asia Pacific the other.

Chief Executive Vittorio Colao and his finance director will work together to maximise value from minority investments including Verizon Wireless, SFR, Polkomtel and Bharti Holding, the company said.

Analysts have said Vodafone could sell its near 25 percent stake in Polkomtel as well as its 44 percent stake in SFR, its French joint venture with Vivendi (VIV.PA), while keeping its 4.4 percent stake in Bharti Airtel (BRTI.BO) because it is illiquid and difficult to sell.

For the time being it is also expected to hold on to its 45 percent stake in Verizon Wireless, its most important minority asset, as it can only sell to majority partner Verizon (VZ.N), which has indicated that Verizon Wireless could start paying a dividend from 2012. [ID:nLDE67G18L]

Vodafone shares were down 0.2 percent at 159 pence by 1300 GMT, in line with the Stoxx 600 European telecoms index .SXKP. (Reporting by Kate Holton; Editing by Greg Mahlich)