05 November 2009 News

 

Cable and Wireless to demerge

Cable and Wireless intends to separate into its two businesses, Worldwide and CWI. This separation is expected to be effected by a demerger of Worldwide.

Richard Lapthorne, chairman of Cable & Wireless, commented: "As a result of the emerging signs of more settled conditions in financial markets, we are now moving forward to list the two businesses as independent, publicly-quoted companies. The board believes that a demerger is the right structure to drive further growth and value for shareholders by enabling both businesses to pursue their strategies independently, and it is keen to push ahead as quickly as possible. We are making good progress and will provide further details before the end of the month."

Cable & Wireless intends to publish further information before the end of November 2009 which will include indicative timing.