C & W + PCCW halten zusammen - 500 Beiträge pro Seite

[Ingridl]

Hallo, habe heute folgendes gefunden:
Soviel ich gelesen habe, ist dieser Artikel noch in keinem Board gewesen.

C&W still keen on CyberWorks marriage despite 11pc plunge
SHEEL KOHLI in London, BARRY PORTER in Singapore and BEN KWOK


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Cable & Wireless has insisted it remains committed to the planned merger of its HKT unit with Pacific Century CyberWorks despite an 11.01 per cent plunge in CyberWorks´ share price yesterday.
However, analysts said the British telecommunications group could be forced to reconsider the deal if CyberWorks dropped below HK$14.

CyberWorks slumped HK$1.85 to HK$14.95 yesterday, extending to six days a losing streak that has wiped 26.89 per cent off its value since March 28.

A further slide in CyberWorks shares could also lead defeated suitor Singapore Telecommunications to revive its bid for HKT.

Yesterday´s loss pushed the value of the CyberWorks merger bid below HKT´s market value.

However, time is on CyberWorks´ side.

Shareholder approval for the deal has yet to be sought and the process could take as long as two months, giving the company´s shares time to recover.

According to analysts, C&W shareholders will have to wait until early June to vote on the offer. To proceed, the bid would need the support of 50 per cent of C&W shareholders and 75 per cent of HKT shareholders.

´´We´ll wait until the day before final acceptance to decide whether to accept the merger,´´ said the manager of a fund that holds more than 1 per cent of HKT.

CyberWorks´ share price was immaterial until then, he said.

HKT shares fell HK$1.20, or 6.26 per cent, to HK$17.95 yesterday, their lowest level since the bid was unveiled on February 29.

HKT chief executive Linus Cheung Wing-lam said yesterday that short-term share-price fluctuations would have no effect on the proposed merger.

´´Before we reached an agreement with CyberWorks, Cable & Wireless considered very carefully the tie-up between its Hong Kong telecoms business with the hi-tech leader in its field.´´

He said speculation that CyberWorks would have to sweeten its offer to win C&W support was unfounded but declined to comment further.

In the short term, C&W is thought likely to allow the bid to proceed on the pressent terms, while keeping a watch on CyberWorks´ share price.

CyberWorks shares have now lost 43.26 per cent since hitting a closing high of HK$26.35 on February 15, two weeks before the HKT bid was launched.

They have passed the key HK$18.62 threshold below which CyberWorks´ all-share offer is worth less than its cash-and-shares alternative.

This is important because it means C&W will receive less cash from the deal than it wants, since other shareholders will also take the cash-and-shares option.

The all-share offer of 1.1 CyberWorks shares for each HKT share now values HKT at HK$16.45 per share, compared with HKT´s closing price yesterday of HK$17.95.

The cash-and-shares offer of HK$7.23 in cash and 0.7116 CyberWorks shares per HKT share values HKT at HK$17.86.

C&W said it would take the cash-and-shares offer and has separately offered to sell HKT shareholders any CyberWorks shares it receives at HK$18.62 to maximise the amount of cash it receives under the deal.

The exact amount of cash C&W receives is dependent on how many other HKT shareholders take the all-share offer.

C&W, which owns 54 per cent of HKT, has calculated that the minimum it can receive in cash is £3.8 billion (about HK$47.24 billion) and the maximum £7.1 billion.

C&W chief executive Graham Wallace is hoping for at least £5 billion in cash from the transaction, and he has won a separate agreement to sell 4 per cent of its holding in CyberWorks as soon as the deal is completed.

C&W yesterday said it would be happy to receive the minimum amount of cash.

´´We would be happy at the bottom of the range just as much as we would at the top,´´ a C&W spokesman said.

´´I guess that if the [CyberWorks] share price is still low at the [extraordinary general meetings], then the offer will get voted down,´´ said Credit Lyonnais Securities telecoms analyst Tressan McCarthy.

The share price of Singapore Telecom, which withdrew its bid for HKT after CyberWorks launched its offer, would also be a factor.

´´It would be foolish for them to accept [CyberWorks´] original terms, on the basis of HK$14 or below, if Singapore Telecom has come back by 20 per cent,´´ Ms McCarthy said.

Singapore Telecom spokesman Lim Seng Jin yesterday confirmed his company´s continued interest in HKT should CyberWorks´ takeover fail.

Tjandra Kartika, telecoms analyst at GK Goh Securities in Singapore, said: ´´At this stage, I don´t think Cable & Wireless can walk away.

´´However, if the deal does fall apart, SingTel would be more than happy to pick up the pieces.´´

Another Hong Kong-based telecoms analyst said: ´´If [CyberWorks´] share price goes below HK$13 a share, I think a SingTel bid may be very credible.

´´I wouldn´t be surprised if SingTel is already talking to [its financial adviser] Goldman Sachs.´´

Tu mich zwar schwer diesen Artikel einigermaßen zu lesen, aber irgendwie klingts doch gut.
Ingrid
PS : Jippieeeeh heute stiegen Asien-werte wieder.

[phöniks]

Na ja,Ingridl.So tolle Nachrichten sind das nun auch wieder nicht.
Trotzdem Vielen DANK.

ciao phöniks