Swisscom hands out cash compensation

Humble pie can get quite expensive...

Humble pie can get quite expensive...

Swisscom is to hand out up to $2.5bn to investors after admitting it has failed to find a suitable acquisition target on which to spend its cash pile. The Swiss firm is an anomaly among global telcos, as it has substantial monetary reserves after successfully disposing of some of its non-core assets and paying relatively little for 3G licences. But after failing to make use of its cash, the company has now announced it will offer investors a buy-back share option scheme totalling 10 per cent of the firm's shares.