BERLIN — Describing the move as part of its expansion strategy, German telecommunications group Mannesmann announced on Wednesday that it is bidding for Swiss cable television operator Cablecom. The group is also looking to take over the U.K.’s mobile phone outfit Orange.
Cablecom’s three shareholders — Swisscom, Siemens and Veba — are to decide this month on which bidders will go into a second round of bidding.
The company’s shareholders are selling their stakes of 32% each in Cablecom Holding; the remaining 4% is being retained by Cablecom itself.
Dutch company UPC and France Telecom are among the slew of cable companies, content providers, telecommunications companies and investment firms bidding for Cablecom.
Cablecom is received in 1.25 million Swiss households and made net profits of 560 million Swiss francs ($377 million) last year.