Global Crossing - GX (formerly GBLX) Message Board

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Technology Stocks : Global Crossing - GX (formerly GBLX)

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To: AgFinder who wrote (698)	4/25/1999 8:46:00 PM
From: MangoBoy	Read Replies (3) of 15615

[C&W to sell cable-laying unit to Global Crossing] LONDON, April 26 (Reuters) - British telecoms group Cable & Wireless is likely to announce on Monday the sale of its submarine cable-laying operations to U.S. company Global Crossing (NASDAQ:GBLX) for 550 million pounds ($888.2 million), the Financial Times reported. The newspaper, citing "people involved in the negotiations," said the sale of C&W's Global Marine division is the latest in a number of strategic moves made or planned by Graham Wallace, who was named chief executive in February. The sale price includes assumed debt, the paper said. The companies declined to comment. In its Monday edition, the FT said Wallace is also in talks to dispose of C&W's cable and telephone unit, Cable & Wireless Communications (ISEL:CWZ), to Telewest (ISEL:TWT). Wallace wants C&W to quit businesses where it has neither influence nor control and operations that are peripheral to its role as a provider of business communications services, the newspaper said.

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