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British Telecom Shares Soar on Plan to Create Global Mobile Internet Unit
Posted: 09-Mar-2000 [Source: Bloomberg]

[The stock market reacts to BT plans to set up a separate mobile Internet business.]

London -- "British Telecommunications Plc shares rose 12 percent after the company said it will set up a separate mobile Internet business, fueling speculation the U.K.'s largest phone operator may sell shares in its fastest-growing units.

"The company's shares rose 144 pence to 1,315p, the biggest one-day rise in at least a decade. BT's market value rose by 9.4 billion pounds ($14.8 billion), more than the total value of BAE Systems Plc, Europe's biggest weapons maker.

"BT will invest 160 million pounds in the new unit to promote a mass-market wireless Internet use. Deutsche Bank analysts asserted BT is preparing to follow other former monopolies such as Telefonica SA and Deutsche Telekom AG in selling shares in their mobile-phone, online-service and other fast-growing units. BT declined comment.


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