C&W may sell Cyberworks stake

Cable & Wireless is in talks with Telecom Italia and Alcatel to sell its 15 percent stake in Pacific Century CyberWorks, the Ming Pao Daily reported, citing unidentified market people. C&W is also in talks with an unidentified U.S. company about the possible sale, the paper said. CyberWorks held a videoconference with the potential buyers, the paper said. Both C&W and CyberWorks declined to comment, the paper said.

C&W, which operates the world's third-largest network for Internet service providers, acquired 20.2 percent of CyberWorks after the Hong Kong-based company completed its purchase of Cable & Wireless HKT last August. Two months later, C&W sold a 4.9 percent stake in CyberWorks for $1.3 billion. C&W has the right to sell more of its stake by February and the rest by August.

The story "C&W may sell Cyberworks stake" published February 6, 2001 at 5:05 AM is no longer available on CNET News.