Fujitsu gets hold of ICL
Thursday 01 October 1998
Fujitsu bought the remaining 9.9 per cent of ICL it did not own from Nortel Networks, the Canadian telecom equipment manufacturer. Although the price was not disclosed, Fujitsu is believed to have paid between 12bn and 13bn yen (pounds 52m and pounds 56m) for the stake.
The sale was triggered when Nortel decided to exercise a two-year-old option to sell its holding to ICL at a predetermined price.
ICL has long been a candidate for a stock market listing but its plans have suffered numerous delays as the company struggles to improve its profitability. The latest target is for a pounds 1.5bn flotation in the year 2000.
Keith Todd, chief executive of ICL, said: "This simplification of our ownership structure is an important step towards meeting our objective of flotation in 2000."
However, industry analysts believe ICL has missed its chance to take advantage of booming demand for information technology stocks, and is now more likely to be sold to a trade buyer.
- 1 Woman 'suffocates newborn baby in plastic bag and puts it in her desk minutes after giving birth'
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 Chinese student carries disabled friend to school every day for three years
Nepal earthquake in pictures: Photos show devastation caused by 7.8 magnitude earthquake
Royal baby: Live updates as superbug closes ward at St Mary's Hospital in London where Duchess of Cambridge is due to give birth
Nepal earthquake: Rescuers forced to dig with their bare hands in search for survivors as images show damage to historic buildings
Ed Miliband and Boris Johnson in angry clash live on BBC's Andrew Marr Show
Bali Nine executions: British grandmother on death row in Indonesia Lindsay Sandiford says she 'just wants to get it over with'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...