Profits cut in half as shares fall by 59%

London, July 9 (Bloomberg) ' Marconi, which became the UK's largest phone equipment manufacturer through $8bn of acquisitions in three years, may become a takeover target after its shares fell 59% last week. John Mayo, deputy chief executive, who helped arrange those purchases and who was to replace chief executive George Simpson, resigned on 6 July after the firm announced falling sales will cut profits in half for the year ending in March. Simpson, who was due to become chairman on 18 July, will stay on as CEO. However, investors want him to sell the company and get out. 'This is o...