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06/08/2001
BT gets £18 billion offer from German investment bank
British Telecom has received an offer of £18 billion from a German investment bank West LB for its fixed-line network, according to a report in The Sunday Times.
The bid for the network, which according to the Sunday newspaper, was made two months ago, included £5 billion in cash payment with most of the transaction financed by borrowings.
This news comes just after a week when BT were offered £8 billion for its local loop – the copper wires that connect BT’s customers to its network – by a consortium known as Earthlease, led by the US asset finance group Babcock&Brown. Bt turned down the sale saying its local loop assets were not for sale.
Robin Pauley, BT’s director of communications told the newspaper: “We get approaches all the time. Some are good, some are loopy.”
If West LB were successful in their attempt it is likely the group would lease capacity on the fixed-line network back to BT as well to other telephone operators.
It is thought BT will review the offer when it has completed the demerger of its mobile phone arm BT Wireless.
The report has failed to draw comment from both West LB and BT.
Last month BT announced it had cut its debts from £27.9 billion three months ago to £17.5 billion following a series of disposals and £5.9 billion share issue. (AMcE)
The bid for the network, which according to the Sunday newspaper, was made two months ago, included £5 billion in cash payment with most of the transaction financed by borrowings.
This news comes just after a week when BT were offered £8 billion for its local loop – the copper wires that connect BT’s customers to its network – by a consortium known as Earthlease, led by the US asset finance group Babcock&Brown. Bt turned down the sale saying its local loop assets were not for sale.
Robin Pauley, BT’s director of communications told the newspaper: “We get approaches all the time. Some are good, some are loopy.”
If West LB were successful in their attempt it is likely the group would lease capacity on the fixed-line network back to BT as well to other telephone operators.
It is thought BT will review the offer when it has completed the demerger of its mobile phone arm BT Wireless.
The report has failed to draw comment from both West LB and BT.
Last month BT announced it had cut its debts from £27.9 billion three months ago to £17.5 billion following a series of disposals and £5.9 billion share issue. (AMcE)
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31 August 2001
Hitachi confirms global jobs cuts
Electronics manufacturer, Hitachi has confirmed it will slash its global workforce by 14,700. While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
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