UK mobile giant Vodafone has notified the European Commission of its £1.04bn (US$1.67bn) plan to take over local fixed-line telco Cable & Wireless Worldwide (CWW).
The EC said it expects to complete the phase 1 antitrust investigation into the…
UK mobile giant Vodafone has notified the European Commission of its £1.04bn (US$1.67bn) plan to take over local fixed-line telco Cable & Wireless Worldwide (CWW).
The EC said it expects to complete the phase 1 antitrust investigation into the acquisition by 3 July.
CWW shareholders have scheduled a meeting on 18 June to vote on Vodafone’s 38p per share offer.
On 21 May, CWW’s board reaffirmed its support for the acquisition, saying it was a more attractive move than attempting to revive the business during tough economic conditions.
Vodafone requires at least 75% shareholder approval to take over the group. However, Orbis, CWW’s largest shareholder with a stake of around 20%, has said it believes the offer does not reflect the telco’s true value.
