The sudden surge of interest in the shares of Racal Electronics Plc is provoking wild takeover rumours all over the place, with unlikely candidates like Cable & Wireless Plc being named: other suggestions are that much of the demand has come from the US, and until there is evidence to the contrary, we prefer to believe that Americans at least have finally woken up to what we have been pointing out since last September – that if you value Racal Vodafone on the same basis as US cellular telephone operators are valued, even after Meltdown Monday, the subsidiary alone is worth significantly more than the entire capitalisation of the Racal group.
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