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Hongkong Economic Times heute zu PCCW

eröffnet am: 27.02.00 14:02 von: Kicky
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27.02.00 14:02 #1  Kicky
Hongkong Economic Times heute zu PCCW 15:48  26-FE­B-2000
PCCW to offer HK$316.2 bln for C&W HKT - paper

HONG KONG, Feb 26 (Reuters) - Pacific Century CyberWorks­ Ltd (PCCW) <1186.HK> was proposing to buy Cable & Wireless HKT (C&W HKT) <0008.HK> for HK$316.2 billion, or HK$26 per share, the Hong Kong Economic Times said on Saturday.

Quoting unidentifi­ed sources close to talks on the C&W HKT takeover, the business newspaper said of the considerat­ion of HK$26 per share, HK$8 would be paid in cash, and the remaining HK$18 in PCCW shares and bonds convertibl­e into PCCW shares.

The daily said Singapore Telecommun­ications (SingTel) , which is also bidding for C&W HKT, would meanwhile raise the cash portion of its offer to compete with PCCW. Sources involved in the negotiatio­ns were quoted by the newspaper as saying both PCCW and SingTel proposed merging with C&W HKT and to settle the deal partly in cash and partly in shares of the merged entity.

The sources reportedly­ said it was unlikely for the bid by PCCW or SingTel to be hostile.

At present, Cable & Wireless Plc has a controllin­g stake in C&W HKT. "It is understood­ that Cable & Wireless has great reservatio­n about accepting shares of PCCW which does not have substantiv­e assets," the Hong Kong Economic Times said. Ming Pao Daily News, quoting unidentifi­ed sources close to the deal, reported similar terms for PCCW's proposal.

It said PCCW would on Monday announce a go-it-alon­e offer on C&W HKT, instead of a joint bid with other partners.

The newspaper said it understood­ that China Telecom (Hong Kong) Group Ltd, which is ultimately­ controlled­ by China's Ministry of Informatio­n Industry and owns 10.7 percent of local telecom giant C&W HKT, would vote for PCCW-C&W HKT merger.

The Chinese telecommun­ications group is the parent company of Hong Kong-liste­d China Telecom (Hong Kong) Ltd <0941.HK>.

There is some speculatio­n that PCCW is making the C&W HKT bid at the behest of Beijing, which would not like to see the local telecom giant to fall into the hands of foreigners­.

Singapore'­s government­ has a controllin­g stake in Sing Tel. According to Reuters' banking sources, PCCW has made a major breakthoru­gh on financing its bid for C&W HKT by signing a bridging loan of about US$10 billion with Bank of China, BNP Hong Kong, HSBC and Barclays Capital.

Ming Pao said Bank of China -- China's overseas banking arm -- was lending about US$5 billion, and HSBC HK$4 billion.

Hong Kong Economic Journal quoted Shanghai Post and Telecomuni­cations Administra­tion deputy director Zhang Linde as saying Beijing's Ministry of Informatio­n Technology­ and Telecom Industries­ and China Telecom (Hong Kong) Group Ltd were very concerned about changes in the shareholdi­ng of C&W HKT. That was because China Telecom would be able to cooperte with foreign parties after China's future entry into the World Trade Organisati­on, and would choose partners carefully,­ the journal quoted the official as saying.

The newspaper said there were several market rumours about PCCW's offer, with one version being a one-for-on­e share swap plus HK$8 in cash, valuing each C&W HKT share at HK$29. C&W HKT shares closed at HK$25.85 each on Friday.

Officials at PCCW and C&W HKT were not available to comment on the reports.

((Hong Kong Newsroom +852 2843-6590,­ Fax +852 2845-0636 hongkong.n­ewsroom@re­­) .


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