Cable & Wireless Worldwide shareholders OK Vodafone takeover
Second biggest telco in Blighty grabs 20,000km of fibre
More than 99 per cent of voting shareholders have approved the takeover of Cable & Wireless Worldwide by Vodafone, despite suggestions that one of the largest was holding out for more money.
Vodafone put £1,044m on the table at the end of April, but Orbis Investment Management threatened to vote its 19 per cent holding against the deal in the hope of getting a better offer. A 75 per cent majority was needed to push the deal through, leading to some sleepless nights, but it seems shareholders couldn't resist the lure of the lucre.
Sixty per cent of the shareholders turned out to vote, with 99.1 per cent of those who turned up backing the deal - which will make Vodafone the second largest telecommunications company in the UK (after BT) with annual revenues around £7bn. More importantly it gives Vodafone access to 20,400km of fibre-optic cable around the UK, which it can quickly use to reduce its reliance on BT's infrastructure.
Not included in the deal is Cable & Wireless Communications, which will continue to carry the company name in providing telco services in the Caribbean and Panama. ®
No wonder they could afford it
Vodafone have plenty of money for the takeover. After all they don't need to bother with trivial details like paying tax.
odafone the second largest ....with annual revenues around £7bn.
I believe Vodafone didn't make any profit in the UK which is why they didn't pay any tax. All those profits went through an empty office in Switzerland and as such are not liable for tax in any country.
phew that's lucky another year with no tax liability.
Global tax compliance will cost us all our jobs.
Any company not willing to pay taxes on the money earned in any country should not be allowed to operate in that country. Simple really. Of course, that"ll never happen as that would reduce that amount of money available to buy politicians and contrary to popular opinion some politicians are not cheap.