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Eutelsat decides against bid for Inmarsat

Company had previously said it was weighing an offer

Eutelsat Communications has announced it will not bid for British satellite company Inmarsat, despite originally announcing it was “weighing an offer”.

Eutelsat said that, following market rumours, it had made its original statement confirming that it was considering a possible offer for Inmarsat, at the request of the UK Panel on Takeovers and Mergers.

But it has now said it does not intend to bid for the company.

It is now bound by the Takeover code not to make a bid during the following six months except with the consent of the Panel unless Inmarsat’s board agrees, or a third party announces a firm intention to make an offer.