PCCW & C&W HK DEAL Perfekt - 500 Beiträge pro Seite

[Uwe79]

HONG KONG, Feb 26 (Reuters) - Pacific Century CyberWorks Ltd (PCCW) <1186.HK> was proposing to buy Cable & Wireless HKT (C&W HKT) <0008.HK> for HK$316.2 billion, or HK$26 per share, the Hong Kong Economic Times said on Saturday.

Quoting unidentified sources close to talks on the C&W HKT takeover, the business newspaper said of the consideration of HK$26 per share, HK$8 would be paid in cash, and the remaining HK$18 in PCCW shares and bonds convertible into PCCW shares.

The daily said Singapore Telecommunications (SingTel) , which is also bidding for C&W HKT, would meanwhile raise the cash portion of its offer to compete with PCCW. Sources involved in the negotiations were quoted by the newspaper as saying both PCCW and SingTel proposed merging with C&W HKT and to settle the deal partly in cash and partly in shares of the merged entity.

The sources reportedly said it was unlikely for the bid by PCCW or SingTel to be hostile.

At present, Cable & Wireless Plc has a controlling stake in C&W HKT. "It is understood that Cable & Wireless has great reservation about accepting shares of PCCW which does not have substantive assets," the Hong Kong Economic Times said. Ming Pao Daily News, quoting unidentified sources close to the deal, reported similar terms for PCCW`s proposal.

It said PCCW would on Monday announce a go-it-alone offer on C&W HKT, instead of a joint bid with other partners.

The newspaper said it understood that China Telecom (Hong Kong) Group Ltd, which is ultimately controlled by China`s Ministry of Information Industry and owns 10.7 percent of local telecom giant C&W HKT, would vote for PCCW-C&W HKT merger.

The Chinese telecommunications group is the parent company of Hong Kong-listed China Telecom (Hong Kong) Ltd <0941.HK>.

There is some speculation that PCCW is making the C&W HKT bid at the behest of Beijing, which would not like to see the local telecom giant to fall into the hands of foreigners.

Singapore`s government has a controlling stake in Sing Tel. According to Reuters` banking sources, PCCW has made a major breakthorugh on financing its bid for C&W HKT by signing a bridging loan of about US$10 billion with Bank of China, BNP Hong Kong, HSBC and Barclays Capital.

Ming Pao said Bank of China -- China`s overseas banking arm -- was lending about US$5 billion, and HSBC HK$4 billion.

Hong Kong Economic Journal quoted Shanghai Post and Telecomunications Administration deputy director Zhang Linde as saying Beijing`s Ministry of Information Technology and Telecom Industries and China Telecom (Hong Kong) Group Ltd were very concerned about changes in the shareholding of C&W HKT. That was because China Telecom would be able to cooperte with foreign parties after China`s future entry into the World Trade Organisation, and would choose partners carefully, the journal quoted the official as saying.

The newspaper said there were several market rumours about PCCW`s offer, with one version being a one-for-one share swap plus HK$8 in cash, valuing each C&W HKT share at HK$29. C&W HKT shares closed at HK$25.85 each on Friday.

Officials at PCCW and C&W HKT were not available to comment on the reports.

((Hong Kong Newsroom [phone], Fax [phone] [e-mail])) .


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Meinungen erwünscht.

[breakeven]

Wie kommst Du darauf, daß der deal klar geht. Dein posting gammelt hier bereits x-mal herum. Es ist ziemlich wahrscheinlich, daß es klappt, aber klar ist deshalb noch nix. Heute bleibt der Handel bestimmt noch ausgesetzt und wir werden auf die Pressekonferenz warten, die es heute aber auch noch nicht geben muß

Gruß b.

[Uwe79]

Also Bitte !
Wenn das nix wird !

Handel ausgesetzt, heute Pressekonferenz.
Sehr gutes angebot. (soweit ich das abschätzen kann)
Klar bekanntgegeben wirds erst auf der Pressekonferrenz.

Warten wir morgen mal ab. Ich freue mich schon auf die Eröffnung der Aktie heute aber ich denke auch das die erst am Dienstag wieder eröffnet wird.

Will See.

Uwe

[waja]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[breakeven]

Hat jemand irgendwelche news heute aufschnappen können, wenn ja bitte posten. Danke.

Gruß b.

[goony]

17:08

PCCW(1186):Cancels tonight press con., C&W HKT acq.
finance carry on


(Infocast News) Richard Li, Chairman of Pacific Century CyberWorks (1186) (PCCW), said that the
company has no plan of share placement today, but will carry out the loan arrangement for the
acquisition of C&W HKT (0008). It is difficult to predict when the plan of acquisition will be
finalized.

PCCW cancels the press conference originally being held tonight, yet, the company will make an
announcement of substantial importance late tonight about the proposal of the acquisition of C&W
HKT.

(28/02/00)

cu
goony

[basche99]

18:37 28-FEB-2000
FOCUS-PCCW closer to HKT deal, SingTel bid alive

By David Lawder HONG KONG, Feb 28 (Reuters) - Internet upstart Pacific Century CyberWorks Ltd appeared on Monday to be closing in on Hong Kong`s dominant telecommunications company, Cable & Wireless HKT, but a rival bid by Singapore Telecom looked to be back in the running thanks to a tie-up with News Corp .

The board of Cable & Wireless Plc was set to meet again on Monday afternoon London time after hearing PCCW`s formal bid for its 54 percent stake in C&W HKT over the weekend.

C&W HKT said in a statement that an agreement between the two sides may be reached within 48 hours. But other sources close to the negotiations insisted SingTel`s offer to acquire control of C&W HKT was "very much alive".

The sources confirmed that the company had secured a US$1 billion investment from Rupert Murdoch`s News Corp that would allow it to sweeten its bid for the C&W HKT stake. PCCW Chairman Richard Li, speaking to reporters in the lobby of his Hong Kong headquarters, said financing for his offer was in place, but added that it was "really hard to say" if a deal would be announced later on Monday.

"The entire financing packaging is fully committed and signed yesterday afternoon.

Everything is going according to schedule," said Li. "All I can say is this morning, the big shareholders issued a release and they said 48 hours. We have to consider shareholders` interests," he said. PCCW has arranged a bridge loan of US$10 billion from a consortium of Hong Kong banks, according to sources familiar with the deal. PCCW, C&W HKT SHARES SUSPENDED Shares of both PCCW and C&W HKT were suspended on Monday.

C&W HKT stock traded for one minute and rose HK$0.05 to HK$25.95.

"The company has been advised that an agreement may be reached within the next 48 hours between the company`s major shareholder, Cable & Wireless Plc, and Pacific Century CyberWorks Ltd regarding a possible offer to the company`s shareholders, and we understand that an announcement by PCCW on this subject may be imminent," C&W HKT said in a statement.

A source close to PCCW said the deal was "basically done" and that an announcement would be made Monday evening Hong Kong time (GMT +8 hours).

The New York Times and Asian Wall Street Journal reported that PCCW made two offers to the Cable & Wireless board -- a cash and stock deal worth about US$35.7 billion and an all-stock bid worth US$38.5 billion.

C&W HKT shareholders would get 0.7 PCCW share and HK$7 for each share under the cash and stock offer. Market speculation about the cash component of PCCW`s offer ranged from HK$4 to HK$8, analysts said. SINGTEL OFFER - STILL ALIVE? The investment by News Corp would bring a new player into the talks, which previously had been been framed as a choice for C&W to link up with either a conservative but cash-rich Asian telecom giant, or a brash stock-rich Internet startup trading on the name and investment savvy of Li, its 33-year-old founder.

Li, who founded Star TV and sold it to News Corp in 1993, is the son of Hong Kong`s best known tycoon, Li Ka-shing.

"It looks like PCCW have an upper hand in it, but don`t discount SingTel," Nomura Securities analyst Richard Ferguson said. "They`ve got a few cards that they can still play. They`ve got a lot of cash." PCCW postponed a Monday afternoon analysts briefing until a time to be set later. Analysts said PCCW officials asked for their mobile phone numbers so a briefing could be called quickly.

PARALLEL VENTURE TO STAR TV-HKT Sources said that under the SingTel and News Corp agreement, the two companies would set up an Internet, television and mobile communications joint venture in Singapore similar to the one Star TV announced late last year with C&W HKT. The Star TV-C&W HKT venture, which aimed for its own listing by October, was expected to be a direct competitor to Pacific Century CyberWorks` yet-to-be-launched integrated television and Internet service, to be called Network of the World. Neither SingTel nor News Corp would comment on the partnership.

A SingTel spokesman said only that the company`s talks with Cable & Wireless on the proposed merger with C&W HKT were continuing.

If SingTel did revise its offer, Li hinted PCCW could make further financing arrangements.

Two weeks ago, it quickly raised US$1 billion in a placement of 335 million new shares.

Asked if there were any plans for other financings, he replied: "Today there is no such plan. But I can`t say when there may be a plan." ((Hong Kong Newsroom [phone], Fax [phone] [e-mail])) .