Creating one of those opportunities that does not often come around for Cable & Wireless Plc, AT&T Corp is seeking offers for its submarine systems unit, which has annual sales of about $890m. AT&T Submarine Systems Inc designs, develops, manufactures, engineers, maintains and installs undersea fiber optic systems, and employs about 1,000 people. Headquartered in Morristown, New Jersey, AT&T Submarine Systems operates seven cable ships and assorted underwater equipment. Morgan Stanley & Co is handling the sale. Last year, Cable & Wireless grouped its cable-laying interests in a new Cable & Wireless Marine Ltd firm. If it is interested, it can presumably easily find the cash as it allowed Veba AG to buy its 10% stake in the market rather than by issuing it new shares.
