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Pastimes : The Hot Button Questions:- Money, Banks, & the Economy

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To: maceng2 who wrote (229)	12/15/2002 1:13:28 PM
From: maceng2	Read Replies (1) of 1417

C&W, Thus refuse comment on £1.5 billion break-up bid report ananova.com Cable & Wireless PLC and Thus Group PLC refused to comment on press reports claiming the latter is to launch a £1.5 billion break-up bid for its troubled rival. The Observer, citing City bankers, reported that Thus's bid for C&W is backed by private equity firms. Thus is working on an outline project that would see it take over C&W's former Mercury telephone network in the UK, while the private equity groups would acquire C&W's Caribbean operations, the newspaper said. "We don't comment on speculation," said a Thus spokesman. A C&W spokesman also refused to comment on the article, adding the restructuring plan it announced last month is what the company is currently focusing on. The business shake-up will involve 3,500 job cuts at its loss-making Global division and its withdrawal from the domestic business markets in the US and mainland Europe. The move will save the company about £400 million a year but at a cost of about £800 million. The number of data centres, which store companies web sites, globally will be slashed to 23 from 42 as part of the exercise. Separately, the Sunday Telegraph reported that major shareholders of C&W are considering legal action following the shock disclosure of a potential £1.5 billion tax liability linked to the sale of its 50% stake in One2One three years ago. This was after the Association of British Insurers sent last week a letter to the Financial Services Authority asking it to investigate whether C&W infringed UK listing rules by failing to disclose the potential tax liability. ABI members own over 20% of stock in the UK-listed company. © AFX News

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