C&W HKT Receives Court Approval to Send Merger DocumentCable and Wireless HKT Ltd. said Wednesday it would send shareholders the merger proposal with Internet firm Pacific Century CyberWorks Ltd. (PCCW) this week and a vote is expected on July 3."The document is expected to be mailed to our shareholders within this week," a spokesman for Cable and Wireless HKT said following court approval of the document. "Afterwards, we will send the voting results to the court for another approval," the spokesman said. Approval by shareholders of the merger would pave the way for one of the largest ever mergers in Asia outside Japan between Richard Li's Internet upstart PCCW and Hong Kong's top telecom carrier Cable and Wireless HKT. Li is the youngest son of property tycoon Li Ka-shing. PCCW has made a cash and share offer worth up to US$38 billion for Cable and Wireless plc's majority stake in Cable and Wireless HKT. There has been speculation that the deal could be in jeopardy after the rapid decline in PCCW's share price since the offer was made in February, although the companies involved have said the merger is not in doubt. |
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