Technology

BellSouth to purge itself of its European and Israeli stakes

US telecoms giant, BellSouth, is set to rid itself of its investments in European and Israeli wireless companies.

CBR Staff Writer August 29, 2001

According to a report in the Financial Times, the US firm intends to concentrate its resources on operations in Latin America and the US.

At present BellSouth owns a 47% stake in Danish company Sonofon, 35% in Cellcom of Israel and 23% in E-Plus of Germany.

The company has been struck hard by the slow down in the global telecoms industry, its stake in E-Plus, worth $12.6bn when the investment closed in February 2000, has lost 94% of its value.

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