SingTel mulls CWW bid

Robert Clark | September 07, 2010

telecomseurope.net

In a surprise move, Singapore Telecom is considering making a play for Cable & Wireless Worldwide (CWW).

Investor speculation about a bid from southeast Asia’s largest telco drove up CWW’s London stock price as much as 7.5% overnight.

SingTel officials have declined to deny a report that the company has appointed an investment bank to advise its bid for the enterprise communications specialist.

CWW’s share price has slumped since it issued a warning last month that the UK government’s austerity measures would hit its bottom line.

CWW stock jumped last week on rumor that AT&T would make a run at the company.

CWW was formed in March this year when it demerged from Cable & Wireless, leaving the former British Empire phone company with mostly mobile assets in the Caribbean.

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