CSC announced its availability by saying it has decided "to explore strategic alternatives to enhance shareholder value - including a potential sale of the company". Goldman Sachs has been retained as financial advisor for the process, although CSC cautioned that "there can be no assurance the exploration of strategic alternatives will result in a transaction".

The company's restructuring plan, which will cut 6% of its 80,000-strong worldwide workforce, is designed to improve future cashflow and earnings. Europe will bear the brunt of the cuts, although no specific country plans have been outlined. CSC's UK operation has about 10,000 staff.

In total, 4,300 employees will lose their jobs in the fiscal year to April 2007, with a further 700 being laid off in fiscal 2008. The restructuring costs are expected to be around $345 million (£203 million) in fiscal 2007 and $30 million in fiscal 2008, with savings expected to be $150 million and $300 million respectively.

CSC chairman and CEO Van Honeycutt said: "For some time it has been apparent to us, and to other companies in our industry, that there is excess capacity in certain geographies, particularly Europe. After lengthy consideration, we have decided that this is an appropriate time to deal with the issue through a restructuring. This action is designed to enhance shareholder value regardless of any strategic alternatives we may explore."

While bidders for CSC have yet to appear, first rumours of a potential sale came last October when both Lockheed Martin and a consortium of private equity groups looked at the company. EDS and HP have also been mentioned as potential buyers, but there can be few contenders that would want to buy the whole company, which last year made revenues of $14.6 billion and is valued at around $10.7 billion.