Existing users please login

Forgot Password

    Home / Markets / Industries / Telecom

    Tuesday, November 17, 2009

    Cable & Wireless Sees Demerger By March 31

    | Respond to Editor | Print

     
    By Sarah Turner
    MarketWatch Pulse
       

      LONDON -- Telecom group Cable & Wireless said Tuesday that it expects the demerger of its Worldwide business to complete by March 31, a move that will create two companies separately listed on the London Stock Exchange. The firm said that, after the demerger, Richard Lapthorne will be chairman and Tony Rice will be CEO of CWI and John Pluthero will be chairman and Jim Marsh will be CEO of Worldwide. Cable & Wireless intends to put in place approximately $1 billion of new bonds and bank facilities for CWI and 500 million pounds of cash and new facilities for Worldwide. The first part of this financing is a launch of a convertible bond offering due 2014 to raise approximately 200 million pounds for Worldwide.

      Copyright © 2009 MarketWatch, Inc.

      Fox Business Video


      Last 5 Stocks

      • Ticker
      • Company
      • Price
      • Change
       

      Personal Finance - Investing - Financial News - Business News - Stock Market Quotes & News - Small Business

      Advertise with us | Jobs at FOX Business Network | Internships at FBN

      Terms of use. Privacy Statement. For FOXBusiness.com technical issues write to foxbusinessonline@foxbusiness.com; for all other feedback, write to feedback@foxbusiness.com.

      Quotes delayed at least 15 minutes. Market Data provided by Interactive Data (Terms & Conditions). Powered and implemented by Interactive Data Managed Solutions. Company fundamental data provided by Morningstar. Earnings estimates data provided by Zacks. Mutual fund data provided by Lipper. Economic data provided by Econoday. Dow Jones & Company Terms & Conditions.

      This material may not be published, broadcast, rewritten, or redistributed. ©2010 FOX News Network, LLC. All rights reserved.