New UK telecommunications giant, Cable and Wireless Communications has been valued at 4.46bn pounds following the free float of 14.7% of the group. The company, formed last year when Cable & Wireless Plc merged Mercury Communications Ltd, its UK telecommunications company, with three cable TV companies, Nynex CableComms Group, Bell Cablemedia Plc and Videotron Holding Plc (CI No 3,026), came to market yesterday on both the London and New York stock exchanges. Trading, started at around 300 pence per share before slipping to 299.5, valuing the in line with analysts expectations.
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