It seems strange that Cable & Wireless Plc allowed Veba AG to buy its 10% stake in the market rather than issuing it with new shares and making an open offer to shareholders to preserve their pre-emption rights, but having allowed Veba to pay its shareholders, it is paying hard cash – ú852m – for its 45% stake in Vebacom AG. Cables pays ú493m upfront, the rest by 1997. The two also put ú38m each into a joint venture led by Cables to seek business in the rest of Europe. They may also merge their cellular interests: Vebacom has 28.375% of E-plus, Cables 50% of Mercury One-2-One, and Cables has 20%, Veba 15% in Bouygues Telecom SA.
