Cable & Wireless Communications, the international mobile communications networks operator, has confirmed press reports that it is in talks over a possible disposal of its Monaco & Islands business unit.
The Financial Times (FT) reported that the Bahrain Telecommunications Company (Batelco) made an approach for the business unit which, as well as Monaco, includes operations in various islands, among them the Maldives, Seychelles and the Falkland Islands.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
C&W Wireless released little information about the potential deal.
"Further to recent press speculation, Cable & Wireless Communications Plc today confirms that it has received an approach from Batelco Group regarding a possible transaction involving its Monaco & Islands business unit," the statement said, before adding the usual caveat about there being no certainty that the discussions will lead to a transaction.
Shares in the stock rose 1.55p to 38.08p on the news.
JH
-
Why wealthy whisky enthusiasts are leaving BritainCollectables Wealthy whisky enthusiasts are heading to tax-friendly countries such as Dubai, where there is more disposable income to spend on collectable luxuries like rare whisky.
-
Zoopla: Property tax speculation creates uncertainty for a third of home buyersProperty tax rumours could impact homes valued at over £500,000, potentially triggering a housing market slowdown, Zoopla has warned
