PCCW won't bid for C&W
Off-on dalliance is off
Posted in Business, 10th February 2003 10:10 GMT
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The will-they-won't-PCCW take-over telecoms outfit Cable & Wireless saga appears to be over.
Leading Hong Kong telco PCCW has ruled out a possible bid for C&W despite increased speculation surrounding an offer.
In a statement PCCW said that it has decided that it will "not make any further approach to C&W and will not make any offer".
So that's that then.
Reports at the weekend suggested that talks between the two companies were set to resume in a move that would value C&W at more than £2bn. Reports last week claimed that C&W had already rejected an approach by PCCW to take-over the company. ®
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