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October 18, 1995

MUCH OF MERCURY’s TELEPHONE RENTALS OFF TO SIEMENS

By CBR Staff Writer

Cable & Wireless Plc announced yesterday that Siemens AG would buy a 75% stake in part of the customer premises telephone business of its Mercury Communications division – the old Telephone Rentals Plc, acquired in the late 1980s. The terms were not disclosed, but analysts believe that the amount was in the region of ú50m. The move consolidates Siemens’ strong position in the European PABX market. The Mercury equipment business, which was bought seven years ago for ú319m, was put up for sale last year as part of the deep restructuring of Mercury aimed at concentrating on long-distance and international phone service. Cable & Wireless took a ú178m provision for the expected loss on sale of the firm.

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