March 1, 2012 / 10:06 AM / 6 years ago

STOCKS NEWS EUROPE-C&W Worldwide leaps on Indian bid interest

Shares in Cable & Wireless Worldwide (C&WW) leap more than 18 percent higher to top the FTSE 250 leaderboard, after india’s Tata Communications confirms it is evaluating a potential offer for the British firm, raising the prospect of a bid battle.

The Indian company, part of the tea-to-technology Tata Group conglomerate, could be vying with Britain’s Vodafone Group, which said in February it was considering a bid for C&WW.

“Obviously if there is going to be competing bids for C&WW then investors are getting excited. However, there is no cash on the table yet and no indications of what level an offer would be at,” says one London-based trader.

Tata Communications says, in a regulatory filing, that its considerations for C&WW were “at a very preliminary stage”, adding it would have to decide on an offer for the firm, which has a market capitalisation of around $1.2 billion, by March 29.

C&WW has issued a string of profit warnings since its demerger from Cable & Wireless Communications in March 2010.

To see more on Tata’s statement, please click on

Reuters messaging rm://jon.hopkins.thomsonreuters.com@reuters.net

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