France Telecom targets Cable & Wireless in £4bn takeover bid

TELECOM giant Cable & Wireless is the target of a £4 billion (€5.96bn) takeover bid being prepared by France Telecom, it was reported yesterday.

The move is designed to consolidate the French group’s interests in Britain, which include mobile phone operator Orange.

A 22% rise in C&W shares since the beginning of May suggests investors are expecting a bid and it is thought chairman Richard Lapthorne would welcome an offer at the right price.