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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (252)	2/7/2001 9:14:24 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

UK C&W To Sell Entire 15.3% Stake In HK CyberWorks-Report Updated: Tuesday, February 6, 2001 08:54 PM ET HONG KONG (Dow Jones)--Cable & Wireless PLC (CWP, news, msgs) is planning to sell its entire 15.3% stake in Pacific Century CyberWorks Ltd. (PCW, news, msgs) in one go, according to an unsourced Ming Pao Daily report Wednesday. According to the report, C&W has been in talks to sell its HK$14 billion of PCCW shares to Telecom Italia S.P.A. (TI, news, msgs), French-based Alcatel S.A. (ALA, news, msgs), and an unidentified U.S. business. However, negotiations, which have also involved PCCW, haven't been finalized yet and C&W is still talking to other parties. No one at PCCW could be immediately reached for a comment. According to the initial agreement struck when PCCW bought the Hong Kong telecom arm of C&W last August, C&W has the right to sell half its stake after Feb. 17 and the remainder in another six months. Fears that the U.K. operator would dump such a sizable stake in the market when the lock-up period expires have damped CyberWorks shares recently. If the deal materializes, it will remove an overhang in the market and provide a short-term technical boost to PCCW's shares, an analyst with a U.S. investment bank said. PCCW shares have tumbled 83% from a high of HK$27.859 in mid-February 2000. Tuesday it closed down 1.1% at HK$4.625. -By Sonia Tsang, Dow Jones Newswires; 852-2802-7002; sonia.tsang@dowjones.com quicken.com