Sharewatch:C&W Rises On Takeover Speculation

Cable & Wireless was last week’s big story, as news of a take-over bid from Hong-Kong based telecoms group, Pacific Century Cyberworks (PCCW), had traders on the run (see Cable & Wireless Subject Of Takeover Speculation). However, some have already dismissed the offer as hot air, claiming that PCCW has no intention of making an offer and is simply trying to flush out another bidder.

Reports suggest that PCCW is to make fresh £2.4bn approach to buy Cable & Wireless, the cable company saw stock rise 16.67% week on week.

Elsewhere, Carlton and Granada were under pressure on reports that shareholders are calling for chief executives, Charles Allen and Michael Green, to resign if the companies merge. Week on week the stocks were seen down by 6.37% and 2.33% respectively.

Reuters was also seen in focus after Tibco Software, the group’s most valuable technology holding, asked the group to reduce its 43% share in the company. The stock was seen down 6.32% week on week.

The closing prices of media company shares on Friday were: