Feeds

Cable & Wireless Worldwide shareholders OK Vodafone takeover

Second biggest telco in Blighty grabs 20,000km of fibre

High performance access to file storage

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. ®

High performance access to file storage

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.