Marconi's £150m mistake

By Daily Mail Reporter
Updated: 18:00 EST, 7 October 2001

 

EMBATTLED electronics group Marconi may have squandered up to £150m on a hedging programme aimed at offsetting the cost of issuing large numbers of shares under an employee share scheme.

The plan was designed to protect the firm if the price hit £16. But they are now 18p. Meanwhile, new chief executive Mike Parton is thought to be preparing a 'fire sale' of assets to help reduce its £4.4bn debt mountain.