By Suzanna Kerridge, 8 February 2001 17:30
NEWS And other companies could follow in a bidding war as the Sema revealed a prestige contract on the UK's e-government Gateway Project worth £10m. According to a banking source quoted by Reuters, an announcement is expected later today or on Friday. But it remains unclear whether the bid is hostile or friendly. Banking sources claimed the deal would constitute 70 per cent cash with the remaining 30 per cent in shares. Schlumberger has taken out a loan of $3bn to finance the deal. France Telecom has already agreed to sell its 16.8 per cent stake in Sema if the potential purchaser offers a fair price. The Gateway Project is a key part of the government's plans to be on line by 2005. It will provide a platform for secure transactions with the Inland Revenue, Customs & Excise and grant applications for the Ministry of Agriculture, Fisheries and Food. Sema will be responsible for the live support and enhancement of the Microsoft-designed and installed system over the next year. Sema will be presenting quarterly results next Tuesday.
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