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.