Cable & Wireless sells Australian subsidiary

Singapore Telecommunications has won a bidding battle to buy Cable & Wireless Optus, a subsidiary of Britain's Cable & Wireless and Australia's second biggest phone company.

Cable & Wireless sells Australian subsidiary

Singapore Telecommunications has won a bidding battle to buy Cable & Wireless Optus, a subsidiary of Britain's Cable & Wireless and Australia's second biggest phone company.

SingTel beat Vodafone Pacific, a subsidiary of the British Vodafone Group, and one other contender for C&W Optus with a bid of up to 4.57 Australian dollars (£1.60) per share.

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