PCCW Stake Sale Rejected by Minority Shareholders
December 01, 2006
A US$1.2-billion bid offered by a consortium of Spanish Telef鏮ica and two charitable foundations under Li Ka-shing to buy out a 23% stake in Hong Kong telecom PCCW was rejected by minority shareholders of PCRD(Pacific Century Regional Developments), the Singapore-listed company that controls the 23% stake. Francis Leung, head of the consortium, remarked that the consortium would not continue to pursue the deal. Richard Li, who controls a 75% stake of PCRD, will remain as chairman of PCCW.