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Cable & Wireless Communication shares up 21% on Liberty takeover talks Cable & Wireless Communication shares up 21% on Liberty takeover talks
(about 11 hours later)
Cable & Wireless Communication shares soared 21% after it confirmed it was in takeover talks with with Virgin Media owner Liberty Global. Cable & Wireless Communication shares soared 21% after it confirmed it was in takeover talks with Virgin Media owner Liberty Global.
Liberty Global, which also has a 10% stake in UK TV company ITV, has not formally announced its offer and has until November 19 to decide if it will. Liberty Global, which also has a 10% stake in UK TV company ITV, has not formally announced its offer and has until 19 November to decide if it will.
The deal would allow Liberty Global to expand its reach in the Caribbean where it lacks a mobile phone presence.The deal would allow Liberty Global to expand its reach in the Caribbean where it lacks a mobile phone presence.
Cable & Wireless said the deal could be a combination of cash and shares.Cable & Wireless said the deal could be a combination of cash and shares.
Liberty Global, which is owned by billionaire John Malone, has a strong foothold in Latin America and growing presence in the Caribbean.Liberty Global, which is owned by billionaire John Malone, has a strong foothold in Latin America and growing presence in the Caribbean.
Last month Liberty abandoned talks with Vodafone about a swap of business assets in Europe's mobile phone, broadband and TV markets.Last month Liberty abandoned talks with Vodafone about a swap of business assets in Europe's mobile phone, broadband and TV markets.
In November 2014, Cable & Wireless paid $1.85bn (£1.2bn) for Columbus International, a fibre-based telecommunications firm that Mr Malone owned a stake in.In November 2014, Cable & Wireless paid $1.85bn (£1.2bn) for Columbus International, a fibre-based telecommunications firm that Mr Malone owned a stake in.
The deal gave the Liberty Global owner a 13% voting stake in Cable & Wireless.The deal gave the Liberty Global owner a 13% voting stake in Cable & Wireless.
Liberty Global operates in Europe, Latin America and the Caribbean. In 2013 it bought Virgin Media expanding its presence in the UK.Liberty Global operates in Europe, Latin America and the Caribbean. In 2013 it bought Virgin Media expanding its presence in the UK.