18 jun: Nokia To Launch 808 PureView Device In US
18 jun: Bank of England Panel Member Raises Growth Objection - FT
18-06-2012 10:49:00

CORRECT: Orbis Supports Vodafone GBP1.04 Billion Offer For C&WW

Relateret indhold

("UPDATE: Orbis Supports Vodafone GBP1.04B Offer For C&WW," at 0752 GMT, misstated in the second paragraph where Orbis is based. The correct version follows:)

- Orbis Investment Management supports Vodafone's GBP1.04B offer

- Orbis had previously said 38p a share offer "didn't reflect inherent value" in C&WW

- Orbis's assent paves way for the deal to clear

By Jessica Hodgson

LONDO)--U.K. telecommunications operator Cable & Wireless Worldwide PLC (CW.LN) Monday secured approval for an agreed 1.04 billion pound ($1.63 billion) takeover by mobile giant Vodafone Group PLC (VOD.LN) after its largest shareholder, Orbis Investment Management Ltd., swung behind the deal.

Bermuda-based investor Orbis, which has a roughly 19% stake in C&WW, had been holding out until an investor meeting later today to disclose its intentions after earlier casting doubt on whether it would support the deal. Its support paves the way for the deal to close, allowing Vodafone to use the C&WW business to create a fixed-line business in the U.K.

Vodafone's 38 pence-a-share offer required the support of a 75% majority of C&WW's investors.

C&WW earlier Monday said it had received support for the deal from just under 59% of its remaining shareholders, based on proxy votes cast ahead of the meeting, but that it was waiting to hear what Orbis's intentions were.

Vodafone agreed in April to buy C&WW in a bid to transform the purely mobile player into the U.K.'s second-biggest mobile and fixed-line operator behind BT Group PLC. (BT.A.LN)

Shares in C&WW rose in early trading Monday, reflecting relief that Orbis had agreed to back the deal and by 0725 GMT were trading up by just under 8% at close to the 38 pence offer price in London.

C&WW, which was spun out of its parent group Cable & Wireless PLC in early 2010, had seen its share price battered after a series of profits warnings prior to receiving interest from Vodafone and Tata Communications, a unit of the Indian conglomerate, earlier this year. Vodafone announced its agreed deal in April after Tata withdrew from talks with C&WW.

Orbis, in an statement after the agreed Vodafone deal, said the for C&WW "does not appear to reflect the value inherent" in C&WW.

Monday, Orbis said that,following talks with C&WW over the weekend, it expected the bid would eventually succeed even if Orbis were to vote against it.

"In these circumstances, our opposition would only serve to prolong the process because the Company would likely adjourn today's meetings to secure the necessary votes. This is not in the interests of any CWW stakeholder."

.

-Write to jessica.hodgson@dowjones.com

(END) Dow Jones Newswires

June 18, 2012 04:49 ET (08:49 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Atlantic Petroleum producerede 19.000 tønder i juli

01-08-2014 15:21:52
Atlantic Petroleum havde i juli en gennemsnitlig daglig produktion af 613 tønder olieækvivalenter, og produktionen for måneden nåede dermed 19.000 fra de tre fe..

Novo: Tyske myndigheder ser ikke fordele ved Tresiba - NY

01-08-2014 13:47:20
Novo Nordisk er løbet ind i et nederlag i Tyskland.De tyske sundhedsmyndigheders rådgivende institut (IQWIG) er fredag kommet med en rapport, hvor det konkluder..

Mærsk: Vigtigt rateindeks vender kurven og stiger

01-08-2014 11:23:32
Det vigtige indeks over containerfragtrater, SCFI-indekset, har efter flere ugers fald vendt udviklingen og er steget 12,7 pct. i denne uge.Indekset, som viser ..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Aktier/middag: Giftig cocktail trækker ned
2
Aktier/tendens: Faldene vil ebbe ud
3
Aktier/Nordnet: Private køber Pandora og Vestas
4
Brøndby-formand: Vi går efter Agger nu
5
Aktier/åbning: Genmab og Carlsberg tager teten i svært marked

Relaterede aktiekurser

Vodafone Group PLC ORD U.. 196,45 -0,8% Fald i aktiekurs
BT Group PLC 381,80 -1,7% Fald i aktiekurs
Vodafone Group PLC- Amer.. 32,86 -1,1% Fald i aktiekurs
BT Group PLC 64,28 -1,9% Fald i aktiekurs

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Relaterede selskaber
Få adgang til information og anbefalinger af relaterede selskaber med PLUS pakken.

Du får adgang til 7 værdifulde investorværktøjer til investering.

Klik her og læs mere om PLUS pakken.
Euroinvestor i andre lande: Euroinvestor.com | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
2. august 2014 08:33:07
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20140731.2 - EUROWEB5 - 2014-08-02 08:33:07 - 2014-08-02 08:33:07 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x