Pacific Century CyberWorks (PCW, PCWKF) Message Board

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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)

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To: John McDonald who wrote ()	3/4/2000 3:25:00 AM
From: ms.smartest.person	of 4541

SingTel says may reconsider HKT offer finet.com.hk 11:10 04-MAR-2000 SingTel says may reconsider HKT offer SINGAPORE, March 4 (Reuters) - Singapore Telecommunications Ltd (SingTel) said it may reconsider its offer to buy a major stake in Cable & Wireless HKT <0008.HK> despite having withdrawn from talks with Cable & Wireless plc (C&W). "SingTel will keep its position under review and may reconsider its position in light of the progress of the proposed offer (by Pacific Century CyberWorks <1186.HK> (PCCW)) and the circumstances in which C&W's undertaking will lapse," SingTel said in a statement issued late on Friday. "Accordingly, SingTel continues to be subject to the provisions of the Hong Kong Code on Takeovers and Mergers," it added. SingTel on Tuesday announced it had withdrawn from talks with C&W after the latter accepted a proposed offer by Hong Kong's PCCW, an Internet-related firm owned by tycoon Richard Li. SingTel also "strongly advised" investors to exercise caution in dealing in its securities and those of HKT's. PCCW won the bidding war for Hong Kong's dominant phone company with a US$35.9 billion cash and share deal, sealing Asia's biggest ever takeover. HKT has formed an independent board committee and appointed ING Barings Asia Ltd as independent financial adviser to consider PCCW's merger proposal. A Hong Kong-based analyst told Reuters the chances of the PCCW deal failing looked quite dim at the moment. "The financial terms have been agreed on. Unless there is a very strong opposition from HKT and its independent advisors, I think it should go through," the analyst said. Even if the deal with PCCW were to fail, a proposed HKT-SingTel merger could be re-examined only if the political aspects of having a foreign government own a controlling stake in a major utility were resolved. Sources close to the negotiations said earlier that the talks between SingTel and HKT had run into trouble over this issue. ((Angela Tan, Singapore Newsroom (65) 870-3080; Fax (65) 776-8112, singapore.newsroom@reuters.com)) .

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