Shares in Liberty Global (NASDAQ:LBTYK) nudged north Thursday as it emerged it was engaged in talks over a possible £3.7bn takeover of London listed Cable and Wireless Communications (CWC). A deal could be reached before they report their results in early November, a person familiar with the matter was reported as saying. In a statement issued by CWC, it said: "There can be no certainty that any firm offer will be made nor as to the terms on which any firm offer might be made." But it confirmed it was in discussions with Liberty regarding "a possible shares and cash offer for CWC". Any deal would give Liberty, which is backed by billionaire John Malone, access to the Caribbean and Latin America, where Cable & Wireless has a strong presence. In September, Liberty Global abandoned talks with Vodafone (LON:VOD) about a swap of business assets. CWC shares surged over 20% in London to close at 70p each.
Liberty Global and Cable & Wireless in talks
Liberty Global (NASDAQ:LBTYK) is engaged in talks over a possible £3.7bn takeover of London listed Cable and Wireless Communications (CWC).