India's Tata Comm eyeing CWW

[BoB's]

Tata Comm scrip jumps amid CWW takeover report.

Shares of Tata Communications soared by about four per cent in early morning trade today amid reports that the company is looking to bid for acquiring UK-based telecom player Cable & Wireless Worldwide (CWW).

Bucking an overall weak market trend here, the scrip was trading 3.97 per cent higher at Rs 242 on the BSE. The stock had touched an early morning high of Rs 244.20 within minutes of opening of the trade.

The market barometer Sensex was trading nearly 195.14 points or 1.1 per cent down at 17,557.54.

While there have been no words so far from either of the two companies, media reports have said that the UK-based CWW Plc could soon become a potential takeover target of Tata Communications, formerly known as VSNL and earlier a public sector entity, which was acquired by Tatas as part of the Government’s divestment programme.

While the Tata Group has undertaken a number of overseas acquisitions in the past, including many in the UK, there have been reports in the recent past that the British telecom giant Vodafone might be interested in CWW Plc takeover.

Reacting to Vodafone’s interest, CWW had said in a statement last month that its board would make any further announcement as may be required in due course.

Vodafone had also said that it was in very early stages of evaluating the merits of a potential offer for C&W Worldwide.

The NYSE-listed Tata Communications gained 0.3 per cent yesterday to $9.45.

Keywords: Tata Communications, telecom player, UK, Cable Wireless Worldwide, acquisition, media reports, scrip movement

 

[behappy]

 

[T90TankGuy]

looks like Mistry is following in the footsteps of Ratan Tata when it come to acquisitions.

 

[Bang Galore]

looks like Mistry is following in the footsteps of Ratan Tata when it come to acquisitions.

Still the vice-chairman, we will know that in a few years time after he takes over later this year.

 

[protest]

Still the vice-chairman, we will know that in a few years time after he takes over later this year.

I hope this investment turns out to be as prudent as the Jaguar and land rover one. Good Luck Mistry (although I am not sure he is the brains behind this acquisition).

 

[trinity]

Damn I hope they seal this deal....a great milestone for India and India Inc. Karma is a _Itch

 

[Raje amar]

well some might find it a troll,,,,,,,,,,,,,
but in 250 years from their arival in India we will be setting all the scores with the England.
TATA,s may prove to be "West England Company" for India.

First it was Tata Tea, then Tata steel, then Tata motors and now Tata telecom.