The Vodafone Group set to take over CWW for $1.6 billion

The Vodafone Group has moved closer to its goal of acquiring Cable & Wireless Worldwide (CWW). 

Prior to this, the company?s plans hit a roadblock, as Orbis, CWW?s biggest shareholder, objected to the $ 1.6 billion deal. Orbis, which holds 19 per cent stake in CWW, was opposing the deal on grounds that the telecom company was undervaluing CWW.

For the deal to materialise, the Vodafone Group required the approval of 75 per cent of CWW?s shareholders.

Now, given that 59 per cent of CWW?s shareholders have approved the deal, Orbis has reportedly given its go-ahead as well.