Plessey Co Plc shareholders on Friday gave an overwhelming go ahead to the proposed GEC Plessey Telecommunications Holdings Ltd joint venture, which is now set for an April 1 start date. Plessey shares rose by tuppence on a day when all about were falling ahead of the meeting, fuelling market speculation that a predator is amassing a stake with presumably its chip or defence business in mind. Plessey reckons that market interest simply sharpened on the back of an imminent approval by shareholders for the joint venture with GEC. The new business is expected to generate UKP1,000m annual sales turnover and Plessey chairman Sir John Clark reiterated his promise that it will become a major player on the world telecommunications stage.
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