Cable & Wireless rejected takeover offer

Hong Kong's largest telecommunication company, PCCW has said that last year it approached Cable & Wireless regarding a takeover....

Hong Kong's largest telecommunication company, PCCW has said that last year it approached Cable & Wireless regarding a takeover. However, C&W rejected the offer.

PCCW is not engaged in discussions with C&W regarding a potential offer or any other deal although the possibility of a deal with C&W has not been ruled out. The company added that it had no intention of buying PCCW shares held by C&W.

C&W owns around 15% of PCCW as a result of its $30bn (£18.4bn) purchase in 2001 of HKT.

At the time, the deal was seen as strategically significant for PCCW's ambitions to become a major regional internet and media company.

But the bursting of the internet bubble deflated PCCW's plans for a global network of media outlets that fell somewhere between traditional television and the internet .

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