Page last updated at 09:47 GMT, Tuesday, 17 November 2009

Cable & Wireless to raise 200m

Cable & Wireless headquarters
Cable & Wireless plans to split in two by April next year

Telecoms firm Cable & Wireless (C&W) has announced plans to raise £200m through a bond issue to help finance its split into two separate companies.

The money will be used primarily to fund one of the firms - the Worldwide division - the company said.

The second company will be known as CWI, or the international division, and will focus on telecommunications.

C&W put aside plans to split during the downturn, but now says the process will be completed by April next year.

"Since 2003, we have successfully transformed the business to the point that we now have two strong businesses that are ready to stand on their own as listed companies," said the group's chairman Richard Lapthorne.

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