Vodafone gets go ahead for C&WW takeover

Vodafone gets go ahead for C&WW takeover

Vodafone's £1 billion bid for fixed-line service provider Cable & Wireless Worldwide (C&WW) is back on track after the biggest shareholder in C&WW backed the deal.

The bid was in serious doubt after Orbis, the largest investor in C&WW with a 19 per cent stake, refused to sanction the deal.

However, ahead of today's voting process Orbis altered its position and decided to back the Vodafone bid, which will see the firm become the UK's second biggest telecoms operator behind BT.

A statement from the shareholder said its "opposition would only serve to prolong the process" and would likely lead to C&WW adjourning the meeting to secure the necessary votes.

Vodafone said that C&WW's UK fibre network, which covers 12,738 miles, will fit well with the location of Vodafone's UK base stations and will provide fast data traffic at a lower cost to the wider market as demand for mobile data continues to grow.