The British telecommunications company Cable & Wireless Communications said on Thursday that it was in takeover discussions with Liberty Global, the European cable and wireless operator controlled by John C. Malone.

Cable & Wireless said it was discussing a possible bid by Liberty Global to acquire the company for cash and shares.

The deal, if it is completed, would broaden Liberty Global’s presence in the Caribbean and Latin America.

Cable & Wireless, in which Mr. Malone already has a 13 percent stake, was worth 2.6 billion pounds, or about $4 billion, based on its market capitalization on Thursday.