The two firms bidding for the telecoms and media assets of Hong Kong’s PCCW have begun sounding out potential Asian partners in an attempt to overcome opposition from PCCW’s 20% shareholder China Netcom, reports The Business. Approaches from Australia’s Macquarie Bank and US private equity firm Texas Pacific have not been welcomed by the majority state-owned Chinese operator, despite Macquarie reportedly offering it a 50% stake in any new company created from a deal. Reports in the Hong Kong press have emerged this week that other Asian-based firms are potential buy-out partners, including China Unicom and Singapore Telecom (SingTel). It has also been reported that a third group of private equity investors – Ashmore Investment, Spinnaker Capital and Clearwater Capital – is likely to register its interest in PCCW’s assets.
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