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Inmarsat rockets on hope of a bid
07.07.08
Shares in Inmarsat were reaching for the heavens today after the mobile satellite communications group told investors its biggest shareholder may be about to launch a £2.5 billion takeover.
Inmarsat, a British company, said it had received a preliminary approach from a fund directed by Harbinger, the activist New York hedge fund which not only already has 28% of the group's stock but also has large investments in equivalent US companies.
Inmarsat shares rocketed 331/2p to 5281/2p, a 2008 high.
