A £1 billion bid by Newbury-based telecommunications firm Vodafone for Cable & Wireless Worldwide (CWW) is back on track. CWW's biggest shareholder has backed the deal.
The Canadian firm Orbis has changed its position and decided to back the 38p a share arrangement. If the deal goes through Vodafone would become the UK's second biggest telecoms operator after British Telecom.
The group has previously been criticised for its dealings with the taxman after its £1.2 billion settlement of a decade-long tax dispute
Read the full storyThe Newbury-based telecoms giant Vodafone is set to become the UK's second biggest telecoms operator after it agreed to buy Cable & Wireless Worldwide for £1.04 billion.
The firm will be second largest in the industry in the UK once the deal is completed. The largest being BT.
The company offered 38p a share for Cable & Wireless Worldwide, a 92% premium to the closing price on the day before the talks were unveiled.
– Vittorio Colao, Chief Executive, Vodafone Group"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."
