Vodafone has agreed a £1.04bn deal to take over Cable & Wireless Worldwide, which owns the biggest fibre optic network in the UK. The offer, worth 38p a share in cash, came ahead of a midday deadline, which had been extended from last Thursday by the UK Takeover Panel. India's Tata Communications pulled out of the takeover battle last week, leaving Vodafone as the only remaining bidder. CWW's fibre network can be used to relieve pressure on mobile networks and will increase capacity for Vodafone. CWW also has contracts to provide voice, data and hosting services to British government departments and major companies such as Tesco and United Utilities. Vodafone reportedly wants to break up CWW and sell off its undersea cables operations. CWW has had a tough time since it split from the former Cable & Wireless Communications in March 2010. Hit by the recession and a general decline in fixed-line phone calls, it has issued three profit warnings, had the same number of chief executives, with John Pluthero quitting in November, and suspended its dividend. Vittorio Colao, Vodafone's chief executive, said: "The acquisition of Cable & Wireless Worldwide creates a leading integrated player in the enterprise segment of the UK communications market and brings attractive cost savings to our UK and international operations." CWW's board recommended unanimously that shareholders accept the offer. Vodafone said it had already received acceptances amounting to nearly a fifth of the company's share capital. http://www.guardian.co.uk/business/2012/apr/23/vodafone-deal-cable-wireless-worldwide |
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