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C&W HKT Shareholders Approve Merger with PCCW
Shareholders in Hong Kong's telecommunications giant Cable and Wireless HKT on Monday overwhelmingly endorsed a merger with Internet firm Pacific Century CyberWorks.
Some 97 percent of Cable and Wireless HKT's shareholders backed the agreement to merge with Hong Kong-based PCCW, run by tycoon Li Ka-shing's son Richard Li, in an extraordinary general meeting.
The vote was one of the last hurdles before one of the largest ever Asian mergers outside Japan is completed. There will now be a court hearing on July 25 to approve the deal.
The meeting comes after shareholders in British parent company Cable and Wireless plc last month approved the sale of the company's controlling stake in its Hong Kong telecoms business to PCCW.
Two weeks ago, PCCW shareholders also unanimously approved the company's merger with Cable and Wireless HKT.
Trading in shares of Cable and Wireless HKT was suspended on Monday.
Cable and Wireless HKT last traded at 17.15 Hong Kong dollars (2.20 US) and PCCW was down five cents at 15.35 Hong Kong dollars on early trade on Monday.
PCCW made a cash and share offer worth up to US$38 billion in late February for Cable and Wireless plc's majority stake.
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