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Telecom Indicates Interest In CWO

Fri, 15 Dec 2000

Telecom Indicates Interest In Cable & Wireless Optus

Telecom said today it had formally indicated interest in participating in the restructuring of Cable & Wireless Optus (CWO) in Australia.

Chief Executive Theresa Gattung said Telecom continued to explore various opportunities for expansion in the Australian market and in this context, had responded to requests from advisers to Cable & Wireless Plc and CWO.

“Telecom is primarily interested in Optus Mobile although we recognise that any transaction we might undertake would need to be part of the overall restructuring of CWO,” she said.

Ms Gattung said such a restructuring was likely to be complex and involve other parties as well as Telecom.

“We have a number of alternatives for structuring and financing any Telecom involvement with CWO,” she said. For obvious commercial reasons, Telecom would not disclose the indicative terms and conditions contained in its formal response to the advisers of Cable & Wireless Plc and CWO.

“Telecom sees the CWO situation as one of various opportunities for expansion as part of our broader Australasian strategy,” Ms Gattung said.

“We will pursue any transaction only if it is going to enhance value for Telecom shareholders,” she said.


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