Fujitsu Ltd owns 80% of ICL Plc, who owns the other 20? In case you’d forgotten, the answer is Northern Telecom Ltd, and with the Canadian taking those $930m of charges, which knock a nasty 25% off its book value, and raising UKP600m with the sale of its undersea cables business to Alcatel NV, it might well be assumed that it would like to get unlock the cash tied up in ICL; Fujitsu could also do with any cash it can raise just now, all of which suggests that the partners will look again at the timing of the planned flotation of a substantial minority of the shares of ICL on the London Stock Exchange, and seriously consider applying the fast-forward to it.
