This board is finally coming alive! Update(?) on the acquisition for C&W HKT (008):
The fight for the control of C&W HKT should be concluded this week. It was reported that PCCW had signed a US $10bn syndicated loan with HSBC, BOC, BNP and Barclays Capital to fund the acquisition. SingTel's threat to sue HSBC on the ground of conflict of interest is unlikely to affect PCCW's bid for C&W HKT. Meanwhile, both PCCW and SingTel are reported to have increased the cash portion of their proposals. Latest cash element in their offers are $8 per share from PCCW and $7.2 per share from SingTel. PCCW will resume trading today. There might be some short-term excitement on its share price but we maintain our view to stick to C&W HKT.
mansionhse.com
Monday, February 28, 2000
CyberWorks, Bowman Capital ally for investment
Pacific Century CyberWorks, technology arm of Hong Kong-listed Pacific Century Group, announced its partnership with Silicon Valley-based investment management firm Bowman Capital to co-invest in selected growing, privately-held technology companies with growth potential in Asian markets.
Bowman Capital will be responsible for selecting the potential technology companies for investment, while PCCW will use its operational resources to help the selected companies in formulating and implementing their Asian business strategies.
Recently, Bowman and PCCW have made two joint investments in private technology companies: They have announced they will invest in Weave Innovations, the developer and operator of the StoryBox platform. PCCW will support the StoryBox platform to help Weave Innovations enter the Asian market. PCCW has also acquired a 12 per cent equity stake in the US-based application service provider (ASP) Magically.
itdaily.com
...and more same ol' same ol' news on HKT/PCCLF
CyberWorks and CWHKT merger to become -- By Eddie Chan
With the frenzy of investors scrambling to buy Tom.com?s shares coming to an end, the attention shifts to the other of the SAR?s biggest Internet news stories, the pending merger between Pacific Century CyberWorks and Cable & Wireless HKT (CWHKT).
The official merger announcement is expected to happen within the next day or so and trading in both companies? shares on the Stock Exchange of Hong Kong has been suspended. CyberWorks has reportedly secured a significant loan of some US$10 billion from the Hong Kong and Shanghai Banking Corporation and Bank of China International to make this deal happen.
If the merger occurs, the combined entity would have a market capitalisation of over HK$500 billion. However, it?s still a fairly big ?if?. The other participant in the CWHKT sweepstakes, SingTel, may re-emerge with a last minute bid for CWHKT despite the fact that recent events have dampened Singapore?s largest telecom company?s chances of getting into bed with CWHKT.
Various reports claim that SingTel harboured thoughts of taking CyberWorks to court in an attempt to stop the deal from happening. Instead, SingTel will take its frustration out on HSBC, who the telecom company says was privy to information that may have jeopardised the proposed deal with CWHKT.
New reports have since surfaced indicating that US-based media conglomerate News Corporation has demonstrated its support for SingTel by investing US$1 billion in the telecom firm, in part to bolster its efforts to merge with CWHKT. Sources speculate that the SingTel-News Corp alliance could result in the development of an Internet, TV and mobile communications joint venture that could compete with CyberWorks? soon-to-launch Network of the World (NOW) converged broadband Internet and video service.
infoagehk.com |
