LONDON (dpa-AFX) - Shares of Cable & Wireless Worldwide Plc (CW.L) are falling over 22 percent on Thursday after Tata Communications Ltd. (TCL) confirmed that it does not intend to make an offer for the UK-based telecom company.
The Indian firm said it has been unable to reach an agreement with Cable & Wireless Worldwide or CWW on an offer price.
Tata Communications said early last month that it was mulling a bid for CWW, thus triggering talks of a possible bidding war with Vodafone Group plc (VOD, VOD.L). The company said the move was part of its ongoing review of potential acquisition opportunities and that considerations are at a very preliminary stage.
Vodafone confirmed in mid-February that it is in very early stages of evaluating the merits of a potential offer for CWW. The telecom giant has time until close of market today to decide.
CW.L is currently trading at 28.74 pence, down 8.31 pence or 22.43 percent, on a volume of 13.59 million shares.
Copyright RTT News/dpa-AFX