Tata interested in CWW?
01 March 2012 | Kavit Majithia
According to several media reports released this morning, global operator Tata Communications is considering a bid to acquire troubled Cable & Wireless Worldwide (CWW).
If persisting rumours are confirmed, Tata will go up against Vodafone, which last week confirmed it was in talks to acquire the UK-based network operator for approximately $1.2 billion.
Sources close to the matter suggest Tata is in the market to acquire a European network operator, in a bid to complement its growing operations in South Africa, the Middle East and Asia. CWW is expected to fit in with its strategic ambitions and Bloomberg reports the Mumbai-based company is already holding discussions with a range of banks to structure the financing for the transaction.
Vodafone is required to make its intentions clear for any takeover bid by March 12 2012 in accordance with regulation and market analysts suggest Vodafone may have to speed up this process to counter any interest from Tata.
Tata’s shares soared by 4% this morning as a result of the rumoured interest.