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Carphone Warehouse may bid for Tiscali UK

Carphone Warehouse has emerged as a potential suitor in the running for Tiscali, the Italian broadband operator that was put up for sale this week. A source confirmed last night that Carphone could be interested in Tiscali's UK arm "at the right price."

Tiscali said on Monday that it had hired JPMorgan Chase and Intesa Sanpaolo's Banca IMI to evaluate strategic options aimed at boosting value for its shareholders. Massimo Cristofori, its chief financial officer, has said that Italy's broadband operator would evaluate any proposal but dislikes the idea of a possible break-up of its domestic and international operations.

Monday's announcement boosted the company's shares, which closed up 13 per cent as investors speculated that several of its peers, including Telecom Italia and Fastweb, could bid for the group's British or Italian operations.

Others rumoured to be interested in Tiscali's British unit, which accounts for two thirds of overall revenue, include BT Group and Sky, although a source at BT said last night that a bid was unlikely.

News Source: Times Online

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