But CWC's shares have fared better than those of CWW since the demerger in March 2010.

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This is expected either to mean a demerger or straightforward disposal of the finance arm.

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In this demerger game of musical chairs, Freeserve will be left standing on the sidelines, yet again.

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In any event, with 75%, the Bavarians still have control of Bank Austria, although remerger (or demerger) would require a 90% vote.

ECONOMIST: Bank Austria and Hypovereinsbank: Running repairs | The