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C&W Worldwide shares in new rise as Tata marks interest | C&W Worldwide shares in new rise as Tata marks interest |
(6 months later) | |
Shares in telecoms company Cable & Wireless Worldwide (CWW) have jumped 18% after India's Tata conglomerate said it was evaluating whether to make an offer for the company. | Shares in telecoms company Cable & Wireless Worldwide (CWW) have jumped 18% after India's Tata conglomerate said it was evaluating whether to make an offer for the company. |
Tata's expression of interest follows one from Vodafone in mid-February, which sent the shares 29% higher. | Tata's expression of interest follows one from Vodafone in mid-February, which sent the shares 29% higher. |
Vodafone has until 12 March to declare whether it intends to make an offer, while Tata has until 29 March. | Vodafone has until 12 March to declare whether it intends to make an offer, while Tata has until 29 March. |
At current prices, CWW has a market value of £900m. | At current prices, CWW has a market value of £900m. |
If Tata Communications did make a successful bid, it would mark the second-biggest British acquisition by an Indian firm since its sister company, Tata Motors, bought Jaguar Land Rover. | If Tata Communications did make a successful bid, it would mark the second-biggest British acquisition by an Indian firm since its sister company, Tata Motors, bought Jaguar Land Rover. |
Tata has one of the world's largest undersea cable networks. | Tata has one of the world's largest undersea cable networks. |
CWW specialises in networking and broadband for corporate clients, including Tesco and the UK police service. | CWW specialises in networking and broadband for corporate clients, including Tesco and the UK police service. |
Its share price has fallen sharply in value ever since it split from Cable & Wireless's Caribbean-based telecoms arm in 2010. | Its share price has fallen sharply in value ever since it split from Cable & Wireless's Caribbean-based telecoms arm in 2010. |
Even its chief executive has said recently that the company needed a new direction. | Even its chief executive has said recently that the company needed a new direction. |
Gavin Darby said last month that the firm was over-complex and lacked investment. | Gavin Darby said last month that the firm was over-complex and lacked investment. |
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