Cable & Wireless Open At 299p

Dealing in Cable & Wireless Communications began today. The share price opened at 299p in London.

CWC, an amalgamation of Cable & Wireless’s Mercury subsidiary, Bell Cablemedia, Nynex and Videotron, represents the biggest threat yet to BT’s hold on the domestic telecommunications market.

The new company is Britain’s second largest telephone company. C&W will hold a 52% stake in CWC and have management control, a further 33% will be held by the North American parents of the cable companies and the remaining 15% will be in public hands. The low public holding means that the company will not qualify for the FTSE 100.