By Graham Hayday, 17 May 2002 08:30
NEWS Marconi has decided to float its Italian-based defence communications business, Strategic Communications. The IPO should raise around £400m.
The beleaguered company is £2.9bn in debt, and has just posted one of the biggest corporate losses in history - a deficit of £5.7bn for the year ending 31 March.
The move comes as a surprise, as Marconi had originally put the unit up for sale last February but has failed to find a suitable buyer.
For related news, see:
Marconi share slump: No surprises ther
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