U.K. Stocks Mixed Amid Telewest Results.
Multichannel News, March, 1999 by FORRESTER, CHRIS
LONDON -- Shares of British telecommunications companies seesawed last week, hit first by news that one major investor was cashing out, then buoyed by positive results at Telewest Communications plc, the country's largest MSO. German telecommunications giant Veba A.G. said last Monday that it sold its 10.2 percent stake in Cable & Wireless plc, which owns the country's second-largest MSO, Cable & Wireless Communications plc (CWC).
Investors reacted unfavorably to the news, because Veba sold its 250 million shares at [pounds]7.24 ($11.79) each, a [pounds]1 ($1.63) discount to C&W's closing price the previous Friday of [pounds]8.305 ($13.53). That sent U.K. telco socks into free fall. On March 15, C&W tumbled 10 percent, Telewest slid 8 percent...
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