Business Services Industry
Cable & Wireless Suffers New Twist after Hong Kong Firm Backs Away.
Knight Ridder/Tribune Business News, February, 2003
By Richard Inder, Daily Mail, London Knight Ridder/Tribune Business News
Feb. 11--The future of Cable & Wireless was thrown into deeper turmoil after Hong Kong's PCCW did a sudden U-turn and dropped its UKpound 2.4 billion bid for the troubled business telecoms firm.
In sharp contrast to what sources close to the company have been trailing for the past three days, PCCW said it had decided it was "not in its interest" to continue.
It added: "The company has decided it will not make any further approach to C&W and will not make any offer."
The backdown effectively prevents PCCW u run by flamboyant Asian entrepreneur Richard Li u from bid-ding for at least six months.
However, signs that newly appointed C&W chairman...
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