A takeover of Inmarsat is back on the cards after Harbinger Capital, the American hedge fund investor, announced that it plans to make an offer for the UK satellite telephone operator four days after initial talks were suspended between the groups.

Harbinger said yesterday that it intended to combine the London-based Inmarsat with SkyTerra Communications, the US satellite company, in which it has a 48 per cent stake.

Harbinger already owns 28 per cent of Inmarsat. The hedge fund initiated talks on a bid - thought to be worth at least £2.4 billion - on July 7, but withdrew on Monday, saying it would have to wait for regulatory approval, which could take up to 18 months, before making an offer.

Despite Harbinger insisting on Monday that it was still interested in taking control of the UK satellite operator, shares in Inmarsat ended Monday down 46p, or 9percent, at 446p.

Yesterday's development came after a meeting of the SkyTerra board late on Thursday. Inmarsat's shares closed up 7p, or 1.5per cent, at 467p last night.

A merger of the companies would face considerable regulatory hurdles. Harbinger said yesterday that it would now start the regulatory process, but that approval was not certain. The hedge fund said that terms of the deal would be announced only if it received regulators' consent.

Demand for satellite services is growing. Harbinger, run by Philip Falcone, a former Barclays Capital trader, has built stakes in both satellite businesses and hopes to bring out significant synergies by combining them.

It is confident that the satellite industry will continue to grow, but is also attracted by the role that Inmarsat might play in a satellite-based US mobile phone network through SkyTerra.

Harbinger said that a merger of the two businesses would permit the creation of “an integrated satellite-terrestrial communications network in North America”.

Alexander Good, SkyTerra's chairman and chief executive, said: “Combination of SkyTerra and Inmarsat, assuming financial terms can be reached, makes a great deal of strategic and operational sense.

It would greatly enhance spectrum efficiency and North American L-Band spectrum while providing a foundation for innovation in the global mobile satellite industry.”

Inmarsat said yesterday that it was “highly confident” of its standalone prospects, but that it intended to “maintain a constructive relationship with Harbinger and SkyTerra throughout the regulatory review process and consider carefully any future offer that may maximise value for Inmarsat's shareholders”.

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