View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
February 10, 1997updated 05 Sep 2016 12:14pm


By CBR Staff Writer

Cable & Wireless Plc on Friday finally confirmed that it is divorcing its German partner Veba AG. Veba has agreed to buy back its 45% of the Vebacom GmbH unit, for which the UK company expects to get $1.34bn, and it will in turn buy back Veba’s half of Cable & Wireless Europe SA, leaving Cables ahead on the deal – it talks of a one-off pre-tax benefit of 60m pounds in the current financial year. Europe remains a key strategic market for Cable & Wireless, and the company will concentrate its efforts in continental Europe on developing business which will strengthen and support Cable & Wireless Communications’ position, it said, referring to its plan to merge Mercury Communications Ltd with three UK cable television companies. Veba will remain a shareholder in Cable & Wireless, retaining its current 10.4% stake. Veba said different business strategies were to blame for the deal’s collapse, with Veba planning to invest more heavily in Germany while Cable & Wireless wanted to concentrate on the UK market.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.