News from China Mobile Communications Corporation says China Mobile (Hong Kong) announced recently in Hong Kong to make voluntary conditional cash offer of HK$4.55 per share to acquire all of the issued and outstanding shares of China Resources Peoples Telephone Company Limited (Peoples). The offer values the entire issued share capital of Peoples at approximately HK$3,384 million.
Thus, China Mobile's overseas acquisition plan that has caught the attention of the industry has entered a substantial stage. The move is also the first by a mainland mobile operator to acquire an overseas company.
Peoples is one of the major mobile communications service providers in Hong Kong, and by June 30 it has had 1.21 million subscribers.
By People's Daily Online