C&W Worldwide Rejects Approach for Global Business Division

Cable & Wireless Worldwide Plc (CW/) has noted recent press speculation in relation to an approach for its global business division, it said in a statement, adding that its board “considered and rejected that approach.”

The Financial Times reported on June 19 that the U.K. telecommunications company is considering selling most of its international assets.

The newspaper said Pacnet Ltd., a telecommunications group based in Hong Kong and Singapore, made an informal offer of $500 million for C&W’s overseas businesses. Both companies declined to comment, the FT said.

C&W Worldwide said on May 24 that full-year earnings before interest, taxes, depreciation, amortization and other items rose 2.6 percent to 442 million pounds ($718 million) in the 12 months through March, beating analysts’ estimates for earnings of 441.5 million pounds.

To contact the editor responsible for this story: Ben Livesey at blivesey@bloomberg.net

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