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VEBA TALKS TO POTENTIAL BUYERS FOR C&W’S VEBACOM STAKE

Veba AG would not comment on press reports yesterday that it had been approached by SBC Communications Corp, but confirmed that it was talking to several potential buyers of a stake in its telecommunications venture, should Cable & Wireless Plc pull out of the alliance as expected. Veba has made an offer to buy back the 45% stake in its Vebacom GmbH unit from Cable & Wireless a source close to Veba told Reuter. If the offer, which was made a week ago, is accepted, Veba would have the stake held in trust in the hope of later transferring it to a new partner, the source said, but would retain its 10.4% stake in Cable & Wireless as an investment but would relinquish its seat on the board; Veba also reportedly offered to hand over its stake in the Cable & Wireless Europe joint venture to the UK firm.

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CBR Staff Writer

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