Vodafone granted extension on C&W bid

Vodafone granted extension on C&W bid

Vodafone Group PLC had been granted an extension until 29 March to make a firm bid for Cable & Wireless Worldwide.

Vodafone confirmed it was looking at bidding for C&W Worldwide last month. Tata Communications has also announced that it is considering making an offer. The Indian company also has until March 29 to make its intentions clear.

C&W Worldwide owns the UK’s largest fibre network, providing telecommunication and broadband internet services to corporate customers. It also has an international cable network spanning Europe, India and Asia.

The company has struggled since it spun off from parent company Cable & Wireless PLC in 2010.

Before Vodafone revealed its interest in C&W Worldwide, its shares had fallen around 73% over the 12 months following three profit warnings.

The company’s chief executive, John Pluthero, left in November, and was replaced by former Vodafone executive Gavin Darby.

Pluthero’s departure followed that of financial director Tim Weller in July. He was replaced by deputy finance chief Ian Gibson.

Written by Mobile Today
Mobile Today


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