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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (959)4/3/2001 4:37:52 AM
From: ms.smartest.person  Read Replies (2) of 2248
 
Cable & Wireless added 15 at 490p and closed as a lone "new economy" voice in the FTSE 100 gainers list. The shares were bolstered by news that the company was selling its 14.7 per cent stake in Pacific Century Cyberworks, a Hong Kong based communications company, via a bond issue.

This news was hot on the heels of the group's deal to sell Optus, its Australian subsidiary, to Singapore Telecoms at the end of March.

C&W will realise a large amount of interest on the cash from the bond issue, said one analyst who is bullish on the stock, and calls it "the stock to back in the sector."

The group now has a multi-billion pound cash pile and there is intense speculation about what it is going to do with it. Analysts think it will either use it to buy back shares or make an acquisition.

Some rumours suggested Cable & Wireless might be interested in looking at web-hosting companies, which have become very cheap. Exodus of the US, which is valued at around $6bn, was cited although the group is not thought to be a willing seller.

Finally there were suggestions that the company was itself becoming an attractive target. Marks & Spencer closed up 4 at 270p. Weekend press claims that the group may sell its Baker Street head offices, possibly for more than £110m, boosted the shares.

However, there was pressure from over the Channel. At the end of last week it was announced that France was launching an inquiry into whether M&S had breached national labour laws, over the way that it handled the closure of its French stores. M&S said that it was convinced it had complied with all legal requirements.

news.ft.com
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