Cable & Wireless Plc has approached the Australian government for approval to buy Bell South Corp’s 24.5% stake in Optus Communications Ltd, according to reports in local papers. It currently owns 24.5% of Optus, but the Sydney Morning Herald newspaper says C&W officials have spoken to the government about a possible shareholding change and a relaxation of rules limiting foreign shareholders to 49% ownership of Optus. A relaxation of the rules…would allow Cable and Wireless to buy out Bell South, as well as offering exit strategies to other shareholders, the Herald said.
