Cable & Wireless Worldwide set to be bought by Vodafone for £1bn

Vodafone is expected to buy Cable & Wireless Worldwide (CWW) for £1bn after leading CWW shareholder Orbis Investment Management gave its backing to the deal.

Orbis, which owns 19.06 per cent of CWW, has voted against the takeover in the past but changed its mind after CWW revealed that holders of 59 per cent of its shares had already backed the takeover.

CWW’s shareholders met this morning and a statement can be expected in the afternoon.