[00-5-15] Hong Kong - PCCW, C&W HKT In Show Of Thanks
By Tony Henderson, itdaily.
HONG KONG, CHINA,
15 May 2000, 3:13 PM CST
Hong Kong - PCCW, C&W HKT In Show Of Thanks 05/15/00 HONG KONG, CHINA, 2000 MAY 15 (NB) -- By Tony Henderson, itdaily. Pacific Century CyberWorks (PCCW), with its plans to take over Cable & Wireless HKT (C&W HKT) via either a straight stock swap or a cash-and-share offer, today held a ceremonial meeting and photo opportunity for the press, to bring the signatories together and to thank those who arranged the deal.
These were the banks who co-organized the loan facility of US$12 billion. The total number (33) of participating banks were led by the four major participating banks, namely, the Bank of China, HSBC Holdings, Barclays Capital and BNP. All the major banks had their senior officers in attendance and each gave an acknowledging speech.
There was nothing new to report and the proceedings were merely a formality but no doubt the opportunity was seized to remind the interested public that the deal is indeed still on track despite the drop in share price and has been completed in record time. This syndicated loan is the biggest in history. Pacific Century CyberWorks shares jumped 2.2 percent to HK$13.90 after this ceremony. PCCW's takeover target, C&W HKT, was 1.13 percent lower, at HK$17.55.
Source : ITDAILY.COM, itdaily.com
Reported by Newsbytes.com, newsbytes.com.
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