PanAmSat Makes Offer for Eutelsat
PanAmSat Corp. Chief Executive Joseph Wright said his company had made an offer to buy Eutelsat, the second-largest European satellite operator, and might purchase it as part of a consortium.
PanAmSat, the largest U.S. satellite company, is bidding against U.S. rival Intelsat Ltd. Buyout companies Permira and Apax Partners & Co. also have made an offer.
The bids may value Eutelsat at more than $3 billion, analysts said.
PanAmSat rose 45 cents to $15.01 on Nasdaq. PanAmSat is controlled by General Motors Corp.’s Hughes Electronics Corp. unit.
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