Telewest makes cable bid

$1 bil General takeover would make cabler U.K.'s #1

By ERICH BOEHM

LONDON -- Telewest, the U.K.'s second-largest cable company, is reportedly poised to make a $1 billion takeover bid for General Cable, the country's fifth-largest operator.

Such a move would better a believed $920 million offer already submitted by NTL, No. 3 in Brit cable. Telewest is said to have previously made a bid rejected as too low by General's main shareholder, France's Compagnie General des Eaux (it holds a 40% stake).

Telewest is also planning to exercise an option to acquire two local franchises -- in London and Birmingham -- that are part of Comcast, a cable operator that NTL is taking over in a deal for $610 million.

With both the local franchises and a successful bid for General, Telewest would pass Cable & Wireless Communications and become the No. 1 cabler in Britain.