Cable and Wireless buys Energis

TELCO outfit Cable and Wireless seems to have beaten off Thus group and bought out its smaller rival Energis.

According to AFX news a group of dissident hedge funds which hold a big chunk of Energis had finally accepted C and W's offer.

AFX thinks that Cand W handed out 780 million pounds in the deal, which will probably be announced in a few hours.

The deal should see C and W become a little more competitive against BT where it trails miles behind in second place.

Thus, which is only worth about 200 million pounds, really did not offer enough cash in the deal and was hoping to offer the hedge funds lots of messy securities.

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