HONG KONG-An Asian Internet company is looking to block the proposed merger between Cable & Wireless HKT Ltd. and Singapore Telecommunications Ltd., Reuters reported. Pacific Century CyberWorks Ltd. hinted that it could launch a competing bid for Cable & Wireless HKT, one of six Hong Kong wireless phone operators.
Last month, Cable & Wireless plc said it was in discussions regarding a proposed merger between its Hong Kong mobile phone arm and SingTel. Such a merger would create the largest independent telecom group in the Asia-Pacific region.
Cable & Wireless owns 54 percent of Cable & Wireless HKT, and SingTel operates SingTel Mobile, the country’s largest wireless operator.
PCCW has retained two investment banks to assess a possible investment in Cable & Wireless HKT. The company, which has investments mainly in Internet content and e-commerce startups, could gain control of the wireless operator if Cable & Wireless agreed to an all-paper offer, the report said.
