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Marconi adds 'worst ever purchase' to 'worst ever results'

When you're hot, you're hot...

By Will Sturgeon

Published: 14 November 2001 08:45 GMT

Marconi has written off £3.1bn in goodwill relating to the acquisition of US firm Fore Systems.

The write-down marks the 1999 Fore acquisition out as one of the worst ever overseas purchases by a UK firm and makes up the bulk of a £3.5bn goodwill write-down which helped push Marconi's first half losses to £5.1bn - another record for the UK.

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