7/18/2012 10:16:29 AM
Vodafone to buy CWW shares at 38p
The sale of Cable & Wireless Worldwide (CWW) to Vodafone moved a step closer today with the announcement that the mobile network operator has agreed to buy CWW shares at 38p.
The recommended cash offer sees the price of the fixed-line network operator fixed at 38p per share, which removes the need for an independent evaluation of the new shares in CWW to be issued to Vodafone.
The sale, which is expected to go ahead at the end of July, was approved earlier this month by the European Commission, which concluded that the transaction would not raise any competition concerns since CWW’s core business is fixed telecoms and Vodafone’s is largely mobile.
A Vodafone spokesman said: ‘This is a technical point in the purchase of CWW. It fixes the price, removing the need for an independent evaluation on CWW.’