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Vodafone's £1 billion takeover of UK telecoms group Cable & Wireless Worldwide (CWW) looks set to go through, it has been reported.

CWW shareholders have finally approved the protracted deal, voting in favour of a 38p per share offer.

According to the Financial Times, this represents a premium of 92 per cent to the closing price of 19.8p on February 10th - the last trading day prior to the initial approach.

CWW's largest shareholder Orbis - which had previously thwarted attempts to sell the ailing company - is reported to have changed its stance on a sale

With the firm owning 19 per cent of CWW, this helped achieve the 75 per cent approval needed to push through the acquisition.

CWW has been forced into several profit warnings over the past two years, but has attracted interest from a number of potential buyers including Vodafone and Tata Communications.

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