Colao could slip up on a corporate banana skin

Cable & Wireless' recent history has been characterised by huge disappointments, rewards for failure and executive merry-go-rounds. If Sir Richard Lapthorne, the chairman who chopped it in two, could have sold either half at demerger two years ago, he would have done.

Successive managements have been desperately trying to turn this firm into the prettiest girl at the dance. Only when its shares have plunged so low does it look as if they have finally succeeded.

Still, when you are used to paying billions not millions for assets, CWW looks like a snip for Vodafone - as long as Colao can assure investors he is not trying to emulate his free-spending predecessors with a new acquisition spree.

A special mention must go to Penny Hughes. As a former Vodafone non-executive director who currently sits on CWW's board, her role cannot be understated. As chairman of the remuneration committee at Royal Bank of Scotland, she also had to sell Stephen Hester's bonus to the City. Who says there aren't any powerful women in British boardrooms?