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We sold our 34% interest in
sunrise communications of Switzerland to another joint venture partner in
November 2000 for £464 million, realising a profit of £454 million. This is the
main element in the total profit from disposals of group undertakings and fixed
asset investments of £619 million in the 2001 financial year. Other profits
during the year were principally derived from the disposal of certain of our
aeronautical and maritime interests, the sale of an interest in I.Net by way of
a public offering, the reduction of our equity interest in BIB to below 20% and
the sale of minor equity investments.
Following the completion of
the MCI/WorldCom merger in September 1998, BT sold its holding in MCI to
WorldCom under the agreement made in November 1997. The proceeds totalled
£4,159 million on which an exceptional profit of £1,133 million was realised in
the 1999 financial year, after taking into account the goodwill written off on
BT’s interest in MCI, originally acquired in September 1994. |
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