out of Qwest?
By J. Kyle Foster, Bloomberg
Wednesday, October 11, 2006
A block trade of Qwest
Communications International Inc. shares last night prompted
speculation that billionaire founder Philip Anschutz sold part of
Anschutz, Qwest's largest shareholder, probably was the seller of
about 66 million shares last night, worth about $540 million, JP
Morgan analyst Jonathan Chaplin wrote in a note to clients today.
Anschutz, who is No. 31 on Forbes Magazine's list of richest U.S.
people, has been selling shares of Qwest in the past couple of
months, said Chaplin, who rates Qwest shares "overweight". The
transaction follows a sale in June of two call options for $23.1
million in Denver-based Qwest by an Anschutz-managed fund.
Anschutz, 66, had a 16 percent stake in the fourth-largest U.S.
local-telephone company before the reported sale, according to
The shares were sold at about $8.19. The most recent Bloomberg data
shows Anschutz held 300.4 million shares in 2003.
Anschutz is chairman and chief executive officer of Denver-based
Qwest shares fell 15 cents, or 1.8 percent, to $8.22 at 10 a.m. in
New York Stock Exchange composite trading. They had risen 48
percent this years before today. Anschutz spokesman Jim Monaghan
declined to comment this morning. Qwest spokesman Bob Toevs said
the company doesn't comment on market activity.