Stet SpA has reported consolidated net profit for 1988 up 15% at the equivalent of $930m on turnover up 11% to $12,502m. No per share figures given. Figures converted at $0.000723 to the Italian lire. McCaw Cellular Communications Inc wants to increase its holding in the Santa Barbara cellular franchise to 66% by buying the 50.07% holding of FCJ Inc: analysts now talk of prices of between $250 and $300 per head of population in such areas, against just $70 a couple of years ago; such an astronomic rating would shoot the value of Racal Telecommunications Plc and the Cellnet franchise to UKP6,750m and in particular would put a very solid floor indeed under the Racal Electronics Plc share price by virtue of its 80% holding in Racal Telecom – to the point of making the company very close to being bid-proof; it also puts into perspective the $140 per pop that British Telecommunications Plc agreed to pay for its 22% holding in McCaw Cellular.
