Cable & Wireless Worldwide, the part of the former C&W empire which rather confusingly is predominantly made up of its UK business, has seen its share price rocket this morning on rumours that American giant AT&T is considering a bid for the business.
AT&T was heavily involved in the corporate telecoms market in Europe before the dotcom crash - it was even a sponsor of the ill-fated Jaguar Formula 1 racing team - but as Europe experienced a heavy technology recession between 2002 and 2004 the company retrenched back across the Atlantic.
But it still has a major presence outside the US - it serves thousands of business customers as well as governments across six continents and is also a major player in the wholesale business. Whether it needs to get more involved in the cut-throat UK and European markets, however, is a very moot point.
Cable & Wireless Worldwide, which includes the Thus and Energis businesses which management - lead by chairman Richard Lapthorne - have rolled into the business over its four year turnaround, was one of the first major British companies to warn on the impact of the coalition's budget cuts.
C&WW shares were up more than 5% in late morning trading - at 70.3p - having been up more than 10% earlier in the day.