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China Unicom unveils details of Netcom takeover
Posted: 02-Jun-2008 [Source: Reuters]

[The details of the Chinese telecom revamp emerge.]

Hong Kong -- "China Unicom, the smaller of the country's two wireless operators, said on Monday it will swap 1.5 of its Hong Kong-listed shares for every share in fixed-line peer Netcom, taking over the firm.

"Unicom said in a statement that the total consideration for the deal -- typically what a purchaser pays to complete an acquisition -- came to HK$439.167 billion ($56.3 billion), without elaborating.

"And China Telecom said it and its state parent will pay 110 billion yuan ($15.2 billion) to buy a wireless network from the Unicom group, as telecoms players begin to unveil details of a sweeping industry overhaul announced on May 23...


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