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Cable & Wireless shares rise on report of possible breakup

Cable & Wireless shares rise on report of possible breakup

Shares of British telecommunications company Cable & Wireless PLC rose more than 4 percent Monday after a report that it is considering a breakup through sales of its U.K. and international businesses to private equity groups or foreign rivals.
The sale would most likely be made to companies in Europe or India, the U.K.'s Observer newspaper said Sunday.
The plan is being pushed by Chairman Richard Lapthorne and senior managers John Pluthero and Harris Jones, the newspaper said without citing sources.
Cable & Wireless said it was trying to build value in both businesses and was in the early stages of doing that.
"There is more work to do," Cable & Wireless said in a statement sent to The Associated Press on Monday. "Any discussions of spinning off our businesses is premature."
The stock rose 4.1 percent to 188.62 pence (US$3.76) euro2.76) on the London Stock Exchange.


Updated : 2021-03-09 04:07 GMT+08:00