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PCCW linked to £2.4bn bid for C&W

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Cable & Wireless has rejected advances by Hong Kong telco PCCW that would have valued C&W at around £2.4bn.

Talk of takeover offers between the two companies was supposed to have taken place last month, according to the FT, which reports that PCCW was prepared to cough up at least 100p a share for C&W.

Last night C&W shares closed at 57.75p. By mid morning today its shares had risen 2p (3.5 per cent) to 59.75p.

It seems PCCW is interested in C&W's operations in Macau and the Caribbean and had already lined up someone to takeover C&W's US operations, the FT says.

But in a new twist PCCW is now playing down the FT's story and denying that it made an approach to C&W.

Last week reports surfaced that PCCW was interested in C&W and another UK telco, Energis. ®

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