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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (2229)	2/9/2003 12:47:13 AM
From: ms.smartest.person	Read Replies (1) of 2248

HK PCCW: C&W's Local Network Svc Provided Lure For Bid PCCW Chief Financial Officer Alex Arena said financial difficulties facing the telecom industry are giving the Hong Kong telecom operator an opportunity to shop around for quality assets that match its core business. "The telecom industry across the world is in a rather distressed situation," Arena told reporters. "PCCW is a strong company ...there is opportunity for us to look at growing our business and in a very responsible way, through the acquisition of distressed assets." The company confirmed in a statement late Thursday in London that it had made an overture to C&W and had been rebuffed. According to a report in the Financial Times, Texas Pacific Group (X.TPG) and three banks had offered to support a bid. Texas Pacific has built up a reputation in the U.S. as a buyer of distressed companies. Arena said C&W's assets look "to be distressed" and they are "assets which are very familiar to us. They have some very good local operations." Like C&W, PCCW's core business is operating a telephone network, so it would be interested in looking at acquiring companies "that have very strong local services, like we have," Arena said. He declined to comment on when or if the company will make another approach. "There is no decision at the board level whether to pursue the offer," Arena said, adding that any future proposal would be made with an "appropriate" partner. In reaction to PCCW's statement, Standard & Poor's Corp. late Friday said it would leave its rating on PCCW unchanged, while Moody's Investors Service Inc. said it had put PCCW on review for a possible downgrade. PCCW said it was "disappointed" by Moody's action, "particularly in light of the fact that we have made no offer to Cable & Wireless. We expect this routine procedure to take between 60 and 90 days." Copyright © 2002 Dow Jones & Company Inc. All rights reserved. sg.biz.yahoo.com

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