By Gianluca Lo Nostro and Michal Aleksandrowicz (Reuters) -Shares in Eutelsat surged more than 60% on Tuesday, extending their gains after rising 68% a day before, as recent geopolitical developments raised the prospect of OneWeb satellites replacing Elon Musk's Starlink in Ukraine.

Eutelsat, the owner of OneWeb, a rival to Starlink, said on Tuesday that it was “actively collaborating with European institutions and business partners”, adding that it had equipment that could be “deployed swiftly in Ukraine to connect the most critical missions and infrastructures”.

Eutelsat, the French satellite operator that owns Starlink rival OneWeb, is negotiating with European governments to expand satellite connectivity in Ukraine. The company announced on March 4 that it is working with European institutions and business partners and has equipment ready for rapid deployment to support critical missions and

Shares in Eutelsat surged more than 120% early on Tuesday, extending gains after rising 68% on Monday, as investors bet on OneWeb satellites to be the European alternative to Starlink in Ukraine.