Vodafone's C&W Worldwide bid deadline extended

LONDON Fri Mar 9, 2012 9:59pm IST

A traffic sign is seen next to the Vodafone logo in Prague February 7, 2012. REUTERS/David W Cerny/Files

A traffic sign is seen next to the Vodafone logo in Prague February 7, 2012.

Credit: Reuters/David W Cerny/Files

Related Topics

Stocks

   

LONDON (Reuters) - Vodafone must decide whether to bid for Britain's Cable & Wireless Worldwide by 29 March after regulator the Takeover Panel extended the deadline on Friday to the same date set for potential rival bidder Tata Communications.

The takeover panel had set a "put up or shut up" deadline for March 12 after Vodafone said in February it was in the early stage of considering whether to make a cash bid for Cable & Wireless Worldwide.

It granted the extension on Friday at the request of Cable & Wireless Worldwide, the corporate telecoms services group said.

Vodafone's declared interest in Cable & Wireless Worldwide, which has issued a string of profit warnings since it split from Cable & Wireless Comms two years ago, prompted India's Tata Communications to say on March 1 that it too was looking at making a bid.

Shares in Cable & Wireless Worldwide were up 5.8 percent at 36.18 pence by 1531 GMT, when Vodafone was down 0.7 percent at 169 pence. Tata Communications last traded up 2.5 percent at 235.60 rupees.

Standard Chartered is the financial adviser to Tata Communications, the company said in the filing. Rothschild and Barclays Capital are advising C&W Worldwide.

(Reporting by Paul Sandle; Editing by Greg Mahlich)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

OBAMA'S VISIT

Reuters Showcase

Coal Mining

Coal Mining

India to open coal to commercial mining firms soon, minister says  Full Article 

RBI Loan Rules

RBI Loan Rules

RBI relaxes overseas loan recast rules   Full Article 

E-commerce Firms

E-commerce Firms

Amazon, e-commerce rivals fuel commercial property boom in India  Full Article 

Growth Forecasts

Growth Forecasts

Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll.  Full Article 

Uber is Back

Uber is Back

Uber back in Delhi; govt says must await approval.  Full Article 

Markets at Record

Markets at Record

Sensex rises to record after ECB stimulus programme.  Full Article 

Pharma Sector

Pharma Sector

Ipca Labs hit by FDA ban on plant for standard violations.  Full Article | Related Story 

Forex Reserves

Forex Reserves

India FX reserves at record high as RBI fortifies defences  Full Article 

QE for Euro Zone

QE for Euro Zone

ECB launches 1 trillion euro rescue plan to revive euro economy.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage