Reports that candidates had dropped out of the auction for mobile phones group One2One hit shares in joint owner Cable & Wireless today.
If no bidder comes forward for the company, C&W, down 17.5p to 816p, may be forced to float the division. However, its joint venture partner MediaOne is thought to favour a quick sale.
C&W was one of few movers in thin early trading on the FTSE-100 Index, which opened flat, up only 0.2 at 6445.8 in the opening minutes.
Dealers awaited news on jobless and wages figures for indications of the direction of inflation and interest rates.
Amid a lack of blue chip corporate news, smaller stocks attracted most attention.
Inn Business struck a deal with a buyer in the form of Punch Taverns, which took time out of the Allied Domecq pubs takeover battle to agree an 88p a share offer. The deal values Inn Business at £69m, leaving shares up 3p to 86.5p.
Textiles manufacturer Stirling saw billionaire currency dealer Joe Lewis take a 16% stake in the business, pushing its shares ahead 3.5p to 27p – a 15% gain.
Range Cooker, the ovens manufacturer, jumped a penny to 8p after an upbeat outlook statement and a strong set of annual profits.
But IT group MDIS fell 20% after a profit warning. The company lost 5p to 20.5p.
PA News 14/07/99
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