Liberty Global chairman Malone(pic) had agreed in February to sell the unit, raising the prospect that he would rake in a hefty cash pile to support a range of activities, including shareholder payouts and acquisitions in western Europe.
GENEVA: Billionaire cable mogul John Malone’s (pic) plan for a US$6.4bil sale of UPC Switzerland unravelled after would-be purchaser Sunrise Communications AG concluded its shareholders don’t support the move.
Sunrise called off a shareholder vote scheduled today on a rights offering to fund the purchase. A clear majority of investors who registered their shares to vote at the meeting wouldn’t support the capital increase, the Swiss company said yesterday. Sunrise said the decision was made with the consent of Liberty Global Plc.
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