ABSTRACT
Cable 8c Wireless (hereafter C&rW) is one of the world's longest-lived telecommunications brands, having been in existence for roughly 130 years. By the end of 1997, it was the one hundred and eighty-seventh most valuable company in the world. One year later, it was ranked 153 and worth $22.7 billion, and a year after that it was ranked 143 and worth $41.1 billion. This sharp increase is clearly shown in Figure 11.1, where the share price soars at the end of 1999. Its value had fallen back sHghtly to $39.9 billion by the end of 2000, although its rank had risen to 133. Its value peaked in March 2000 at over $60 billion, yet by the end of 2001 it was worth a mere $7.7 billion and not even ranked among the 500 most valuable companies in the world. Nevertheless, even that dismal performance could not compare with the collapse of the share price to 40p in December 2002 - a level last seen 20 years previously - with C&:W's debt reduced to junk status.
