PCCW (1186) & SingTel cannot reach an agreement on acquisition of C&W
rabbit : PCCW (1186) & SingTel cannot reach an agreement on acquisition of C&W
(Infocast News) According to foreign newswire, PCCW (1186) cannot reach an agreement with SingTel on acquisition of C&W HKT (0008). Both sides will proceed its own bid seperately.
After closing of stocks, the market still rumours that the negotiations between PCCW and C&W HKT (0008) over the merger have not reached any agreement. In fact, PCCW is still in discussions with C&W, meanwhile, SingTel also proceeds. The market source pointed out that even if PCCW and SingTel can enter into an agreement, the majority shareholder of SingTel, singapore's government may not approve the coorperation.
The stock of C&W HKT performed unsatisfactorily and closed at $24.55, down $1.35. PCCW closed at $26.35, up $1.7. Our newswire could not contact PCCW on the progress of the concerned discussion for the time being.