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Shares suspended ahead of Freeserve/Wanadoo announcement

Freeserve and Wanadoo have both suspended trading in their shares in London and Paris before an expected announcement later today.

By Ron Coates on 6 December 2000 09:00

NEWS City observers are betting that the announcement will be Wanadoo's purchase of the UK ISP. The French company has been on the acquisition trail and bought small companies in Spain, Belgium and Denmark. The deal will be Wanadoo's biggest acquisition yet and will place it in a strong strategic position in the European-wide market. It will also put a curb on the ambitions of T Online, the German ISP, in the UK. Freeserve has about two million subscribers in the UK and made an operating loss of £14.6m, from turnover of £14.6m in the three months to 19 August.
Wanadoo had revenues of E304m (£181m) in the three months to the end of September. It has about 1.15 million subscribers in France and 540,000 abroad. Its shares closed on Tuesday at E11.40 (£7.01) in Paris. We'll have more on this story later...

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