PCCW News und Story 20.04.00 - 500 Beiträge pro Seite

[grosser_nagus]

PCCW (1186) BUY
$13.75 Target:29.00

PCCW`s share price fell 3.5% yesterday on rumours that News Corp may step
in and make a bid for C&W HKT. We believe that News Corp is unlikely to
make an offer for HKT at the moment.

Based on last night`s closing price on NASDAQ, PCCW closed at $14.16
while HKT closed at $16.80. The spread between the share prices of the two
companies has narrowed and PCCW`s offer is now equivalent to $17.30 for
each share of HKT.

We do not see any synergy between the telecom assets of HKT and News
Corp, except for the IMS operation. We believe that if News Corp can forge a
partnership with a regional telco, they will not make an offer for HKT. Another
point to note is that since Singapore Telecom has already pulled out from the
deal and Telstra has already formed an alliance with PCCW, it may become
more difficult for News Corp to find a partner that is interested in HKT`s
telecom assets.

Dao Heng Securities HK 20.04.00
---------------------------

Possible new bidder for C&W HKT (008): It was reported that News Corp
may bid for C&W HKT to exploit the recent fall in PCCW`s (1186) share
price. We see a bid by New Corp unlikely since C&W has signed an
irrevocable agreement to accept PCCW`s offer. Also, PCCW has already
accumulated US$12bn to fund the merger and other companies may be
difficult to match it at a time when the stock markets are in the adjustment
phase. Meanwhile, C&W HKT continues to expand its telecom related
businesses and unveils its plan to redevelop its 15 switch stations in the urban
area, which we have earlier estimated a market value of between $20-25bn.
Thus, we continue to see investment value in this counter at prices between
$16-17.
Mansion House 20.04.00
----------------------------

Murdoch `hopes to snatch HKT from Li`
Quelle:Hongkong Standard 20.04.00
By Sean Kennedy, Karen Chan and Bloomberg

STORY: THE News Corporation may be taking a serious
look at a bid for Cable & Wireless HKT (C&W HKT) hoping
that the stock market shake-out provides a chance to
snatch the Hong Kong telecom giant away from Pacific
Century CyberWorks`s (PCCW), The Australian
newspaper reported, without naming its sources.

``Until a deal is finalised, News Corp will remain
interested,`` people familar with the company`s moves told
The Australian.

PCCW shares have fallen 38 per cent since Internet
entrepreneur Richard Li`s company reached a takeover
agreement with Britain`s Cable & Wireless, which owns 54
per cent of HKT, on February 29.

An unsuccessful rival bid by Singapore
Telecommunications, which was backed by News Corp,
could look more attractive since SingTel shares have fallen
only 11 per cent in the same period.

``If the spread between C&W HKT and PCCW`s shares
continue to grow, C&W HKT shareholders may not let the
merger go ahead,`` the paper said.

News Corp declined to comment on the report. SingTel
said its offer for HKT, rejected in February, still stands.

PCCW said it remains optimistic. ``We are not aware of
any other bidders,`` said spokeswoman Rebecca Leung.
``Our plan is moving ahead as scheduled.``

Shares of PCCW fell 3.5 per cent to $13.75 yesterday,
while C&W HKT shares rose 0.9 per cent to $17.20.

Speculation about News Corp`s plans for C&W HKT have
been heightened by unconfirmed reports that Rupert
Murdoch recently met Graham Wallace, chief executive of
Cable & Wireless.

However, analysts and traders were sceptical about the
prospect of News Corp taking over C&W HKT.

``Why would they want to buy Hong Kong Telecom?`` said
Mansion House Securities research head Stanley Ng.

``They`re not in the same line of business.``

Mr Ng said America Online bought Time Warner because it
wanted a real brick-and-mortar business with solid
revenues and profit.

``From what I understand from our Australian side, it`s a
rumour that`s resurfaced,`` said a salesman at a US
investment bank.

Vickers Ballas sales director Antony Mak said he found it
hard to credit the report that News Corp was circling C&W
HKT.

``I don`t think News Corp is going to make a rival bid,`` said
Greg Feldberg, an analyst at Indosuez W.I. Carr Securities
in Hong Kong. ``Cable & Wireless has signed an
agreement to accept the CyberWorks bid, and that is
almost irrevocable.``

Under the agreement between PCCW and C&W, the
British phone company can`t solicit other offers for HKT
before July 13, as long as the PCCW offer proceeds on
schedule.

PCCW in February said it would buy HKT for as much as
$38 billion. HKT shareholders have the choice between
US$0.929 in cash and 0.7116 PCCW share for each one
of their shares, or 1.1 PCCW shares for each HKT share.

The offer would give C&W at least $6 billion in cash, plus a
23 per cent stake in what would be called PCCW-HKT,
according to Mr Feldberg.

``I don`t think it`s likely that Cable & Wireless is going to
back out of this deal,`` he said. ``It`s not easy getting
someone to give you $6 billion in the present
environment.``

Last month, HKT`s board of directors agreed to let the
PCCW offer proceed through a so-called scheme of
arrangement, instead of a general offer.

Under the scheme of arrangement, PCCW needs approval
from just 75 per cent of all HKT shareholders, including
majority stakeholder C&W. In a general offer, it would need
support from 90 per cent of HKT`s minority shareholders
before it could declare the offer compulsory.

C&W needs only the support of a simple majority of its
shareholders physically present at a shareholders` meeting
to approve its decision to sell HKT to PCCW _ a move
which analysts believe would help smooth its way into
China`s fast-growing telecoms market.

PCCW last week announced it is teaming up with Telstra
Corp to deliver Internet content over Australia`s largest
telecoms network, furthering its goal to build the world`s
biggest broadband Internet business. That agreement,
though, is contingent on the year-old Internet firm`s
completion of the HKT purchase, which is expected in
early August.

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http://www.grosser-nagus.de/start.htm

[grs]

Hört sich - wie fast immer - ja gut an. Jetzt muss nur mal die Börse in HK den Meldungen entsprechend reagieren.
PCC aktuell 13.450 HKD (-0.300 HKD; - 2,18%) bei HSI -0,63%.

[leo36]

Ich sehe das genauso wie grs

Jede Menge guter Meldungen und nichts passiert großartig - eher im Gegenteil.
Gar nicht auszumalen, was passiert, wenn schlechte Meldungen eintrudeln.

Hier noch etwas zur allgemeinen Motivation:

Aber davon abgesehen - wer von Euch kauft solche Aktien mit einem kurzen Horizont?

Sicherlich, kein schönes Gefühl, wenn die Kurse in den Keller gehen
(ich kenne das, denn ich bin auch in diesem und anderen Asien-Werten investiert)

Sollte man es nicht wirklich langfristig sehen. Dann kann einem ein Kurseinbruch, wie er
derzeit vorherrscht nur ein müdes Lächeln entlocken.

Also: abwarten, keine Panikmache, sich über jede gute Nachricht freuen
... und in einem Jahr die Gewinne abschöpfen oder dann noch etwas warten.

Diese Werte werden boomen - garantiert
...wenn in China die Zeit reif ist, und das wird bald sein

LEO

[ptguru]

Hong Kong Stock Watch
20-Apr-2000
16:08:49

Code Name Closing Price % Change (against
previous closing) High Low
1186 PAC CENT CYBER 14.000 1.818% 14.050 13.200

[Kastor]

Was meint ihr dazu???????????????
.......................
Überhebt sich PACIFIC CENTURY CYBERWORKS? Nach der noch nicht finanzierten Übernahme der HONG KONG TELECOM von CABLE & WIRELESS plant Hongkongs Technologie-Mogul Richard Lee bereits den nächsten Coup, um dem Ziel ("weltweit größter Anbieter für Breitband-Internet) näherzukommen. Mit der mehrheitlich im Staatsbesitz befindlichen TELSTRA wurden 2 Joint Ventures, eines für Internet-Geschäft, eines für Mobilfunk, geschlossen. Die Australier verpflichten sich hierbei zu Investments im Umfang von 3 Mrd $. Das erinnert ein wenig an Amazon, die auch Wachstum stets vor Rendite positioniert haben, was eines Tages schiefgehen wird. Wir bleiben bei unserer schon vor einigen Wochen geäußerten Verkaufsempfehlung.
(aus dem Aktionärsbrief vom 20.04.)