[00-7-04] Cable & Wireless HKT Shareholders Approve CyberWorks Merger
By Adam Creed, Newsbytes.
HONG KONG, CHINA,
04 Jul 2000, 7:43 PM CST
Cable & Wireless HKT Shareholders Approve CyberWorks Merger 07/04/00 HONG KONG, CHINA, 2000 JUL 4 (NB) -- By Adam Creed, Newsbytes. The shareholders of Hong Kong's largest telephone company, Cable & Wireless HKT, have given the go-ahead for the company's takeover by Asian Internet group, Pacific Century CyberWorks Ltd (PCCW).
The Cable & Wireless HKT board earlier recommended shareholders accept the PCCW offer in May, and parent company Cable & Wireless Plc had approved the US$35.9 billion deal in February.
PCCW is to acquire all the shares in Cable & Wireless HKT, and plans to make it a wholly-owned indirect subsidiary company. The deal is subject to regulatory approvals in Hong Kong.
The merger of the two companies will combine Cable & Wireless HKT's telecommunications and broadband Internet services with one of the most aggressive Asian Internet content companies.
PCCW has taken a whole range of stakes in or formed joint ventures with Asian and US-based portal and e-commerce companies and is building a high-speed satellite-based cable Internet service that will roll out across Asia.
Among its interests are online entertainment content portal Star East IT, a stake in Asia Pacific Web developer Spike Networks, a $129 million interest in Nasdaq-listed SoftNet Systems, a 20 percent stake in Web developer OutBlaze Ltd, and a joint venture with global Internet giant CMGI.
Reported By Newsbytes.com, newsbytes.com
19:43 CST
(20000704/WIRES ASIA, TELECOM, ONLINE/)
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