C&W rebuys pounds 3.8bn One2One stake

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The Independent Online
CABLE & Wireless yesterday repurchased the 50 per cent interest in mobile-phone operator One2One that it recently securitised for pounds 3.8bn, a sum equal to the proceeds of the initial sale. C&W said that since the 21 May securitisation of the One2One stake it had obtained clarification on several matters including the timing of the completion of the sale of Cable & Wireless Global Marine, the outcome of the bid for IDC in Japan and the sale of Cable & Wireless' 20 per cent interest in Bouygues Telecom. "The desired degree of financial flexibility has reduced to a level where it is possible to cease use of the securitisation facility," C&W said.

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