C&W makes bid approach for Thus

See Thus Group shares See Cable and Wireless shares

Cable and Wireless (C&W) has said it has made a takeover approach to rival telecoms firm Thus Group.

Shares in Thus jumped 23% on news of the approach. C&W shares fell 2%.

C&W stressed that it had only made a preliminary approach to Thus and that it had not decided whether to make an offer to buy it.

Thus, which was part of Scottish Power until its flotation in 1999, owns Demon broadband and also provides internet services to businesses.

Thus said in a statement that it was "confident in its future as an independent group" and urged shareholders to take no action.

Thus is based in Glasgow and reported its first full-year operating profit of £4m a week ago.