pounds 700m offer for C&W French stake

Tuesday 08 June 1999 00:02 BST

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CABLE & WIRELESS yesterday said it had received a pounds 700m cash offer from unnamed financial investors for its 20 per cent stake in Bouygues Telecom, France's third-largest cellular company. C&W said it was now in talks with the other Bouygues shareholders, which include construction company Bouygues, German utility Veba and Telecom Italia, which each have the right to match the bid.

European mobile phone companies have soared in value since C&W, which has been selling minority investments to focus on business customers, first offered the stake to Telecom Italia for pounds 456m in April last year. C&W shares closed up 11p at 802.5p.

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