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Strategies & Market Trends : Cable and Wireless (CWP)
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To: zebraspot who wrote (85)1/8/1999 12:42:00 PM
From: zebraspot  Read Replies (1) of 162
 
Dow Jones Newswires -- January 8, 1999
Dow Jones Newswires

Cable & Wireless Stk Up 7.3% On Deutsche Telekom Bid Rumor

Dow Jones Newswires

LONDON -- A 7.3% rise in the share price of Cable & Wireless PLC (CWP) Friday followed rumors of a
possible takeover bid being launched by Deutsche Telekom AG (G.DT), traders said.

C&W stock was up 58 pence at 872 pence by 1222 GMT on volume of 7.1 million shares.

Deutsche Telekom weren't immediately available for comment.

A senior trader director said rumors circulated earlier Friday that broker BT Alex Brown had been
contracted to approach possible buyers offering Cable & Wireless to potential buyers at 1050 per
share. That would value the company at around GBP25 billion.

Sources at Cable & Wireless emphatically denied that the company has been put up for sale. Deutsche
Telekom officials declined to comment on the speculation.

At 1225 GMT, Telekom was down EUR0.65, or 1.9%, at EUR33.50.

Onlookers note that Cable & Wireless could be vulnerable to a takeover.

In December, Chief Executive Richard Brown unexpectedly resigned after less than three years in the
job. And the company's stock has underperformed other telecoms shares amid concerns about the Hong
Kong economy where most of Cable & Wireless' profit originates.
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