The concept is a little confusing, and Plessey Co Plc yesterday denied that it was a serious option, but according to the Financial Times, the company has looked at a last ditch contingency plan to see off GEC Siemens Plc that would involve creating a new company for all its activities apart from its 50% shareholding in GEC Plessey Telecommunications Plc, and the company holding the 50% would be the surviving Plessey Co – that way, Plessey reckons its holding in GEC Plessey could be more realistically valued without it taking any action that effectively involved a chnage of ownership of Plessey that would give GEC Plc pre-emptive rights to buy the other 50% of GEC Plessey at much less than a third party would be prepared to offer.
