Large block of Qwest stock sold for $540 million

By: Associated Press
By: Associated Press

A spokesman for Qwest Communications founder Philip Anschutz confirms that the billionaire has sold 80 million shares of Qwest stock to Credit Suisse Group.
Anschutz is Qwest's largest shareholder.
A recent sale of 66 million shares of stock for about $540,000,000 had caught the attention of J-P Morgan analyst Jonathan Chaplin, who speculated the seller was Anschutz.
Spokesman Jim Monaghan confirms that Anschutz sold the stock in variable forward transactions to Credit Suisse with maturity dates through 2010, and Credit Suisse in turn sold the block of 66 million shares.
Anschutz retired as a director of Qwest earlier this year to concentrate on other investments, including oil, railroads, sports teams, movie theaters and newspapers.

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