AUSWR
The Association of U S West Retirees
 

 

 

Anschutz dialing out of Qwest?
By J. Kyle Foster, Bloomberg
Denver Post
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 his stake.

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 Bloomberg data.

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 Anschutz Co.

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.

http://www.denverpost.com/news/ci_4475559