C& W Offloads [Pounds]1 Billion of Pension Fund Burden to Pru ; Pensions

Evening Standard - London › September 04, 2008

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Summary

TELECOMS giant Cable & Wireless today offloaded [pounds]1 billion of its pension fund liabilities in a deal with Prudential.

The move, the biggest of its kind, sparked speculation that C& W is edging closer to its plan to demerge its UK and overseas businesses and even prompted some analysts to suggest it has become a more attractive takeover prospect. C& W shares fell 2.2p to 176.9 p.

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Extract

C& W Offloads [Pounds]1 Billion of Pension Fund Burden to Pru ; Pensions

In effect what C& W has done is to take out an insurance policy with the Pru tha...

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