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January 17, 1988

STC GIVES NORTHERN TELECOM UNTIL OCTOBER 1990 TO SELL EXCESS 3.5% STAKE

By CBR Staff Writer

Confronted with Northern Telecom’s problem that it would have to take a large charge onto its books if it were to dispose of its excess 3.5% shareholding in STC Plc at current prices, STC has extended the deadline to October 1990 from October 1988. Northern Telecom currently has 27.5% of STC, having bought in the market in addition to taking ITT Corp’s 24%, but the ICL subsidiary’s relationship with Fujitsu Ltd requires that no investor in the company have a blocking minority. It is not clear what assurances have been given to Fujitsu, but clearly the Japanese company had been satisfied. With such a long lead time, the new arrangement effectively removes the overhang of a forced sale of 3.5% on the STC price for the next year or so.

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