PCC weiterhin ausgesetzt. Neue News zu Merger mit Hongkong Telecom u. Kapitalerhöhung

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PCC weiterhin ausgesetzt. Neue News zu Merger mit Hongkong Telecom u. Kapitalerhöhung checkit

PCC weiterhin ausgesetzt. Neue News zu Merger mit Hongkong Telec.

Anbei Artikel aus quamnet von heute morgen:

Hong Kong Telecom (8)


Pacific Century CyberWorks (1186, PCC) announced that an
approach was made to merge with Hong Kong Telecom (8,
HKT). The company proposed a mixture of cash and PCC
shares, but no exact figures were released.

As stated in our previous article (please click here), PCC is
eyeing HKT's network. The company said in the announcement
that "HKT's prime quality broadband network together with
PCC's broadband internet content proposition would create an
undisputed Asian internet powerhouse...the potential for
substantial value creation from revenue synergies".
Cheung Kong (1) and Hutchison (13) had already announced
that they would not join the bidding consortium. But South
China Morning Post reported that Hikari Tsushin would be a
possible candidate.

Though the handsome prince is making a formal proposal, the
beautiful princess HKT said the talks between the company and
Singapore Telecom (SingTel) still continued.

PCC is not necessarily a better choice over SingTel, as the
synergy to be created with HKT is in doubt. But except for
rumours, no concrete terms has yet been put on the table. We
cannot assess if the proposed merger is beneficial to both
companies or not.

However, SingTel is a profit maker, which is an absolute
advantage over PCC. With a capitalization of about US$26
billion and a manpower of 12,000 staff, the company earned

US$1.2 billion in the last financial year, against US$1.5 billion
profit of HKT. Should it merge with HKT, the dilution of
earnings per share will not be too significant. Moreover, the
combined company should enjoy economies of scale. They can
share their resources and perhaps lay off redundant staff.
In addition, SingTel can also bring in Europe's largest telecom
company Deutsche Telekom as a strategic partner. Deutsche
Telekom has the densest optical fibre network in the world,
which can transfer 2.5 gigabits of data per second. The
technologies of HKT and SingTel will both be enhanced.
On the other hand, there should be more executive problems in
the merger between PCC and HKT. For example, HKT is the
largest employer after the government in Hong Kong, while the
staff size of the fast-growing PCC is still under 500. The 2
management boards should have difficulties in adjusting each
other¡¦s corporate culture, as well as the strong personalities of
Richard Li and Linus Cheung.
The other important issue is political implication. If the Chinese
government wants to extend is influence in ASEAN, this
Singaporean acquisition would be acceptable. The Hong Kong
government should also consider the influence of the K.S.Li
family in Hong Kong. Under his umbrella, Cheung Kong and
Hutchison are close to monopolizing the Hong Kong market.
The whole group is already a major property developer,
electricity supplier, port operator and supermarket operator, as
well as potentially the leading telecoms manager.
Trading of both shares were suspended last Friday but HKT is
expected to resume today, whilst trading in PCC is delayed
pending a placement issue.
Der Merger von PCC mit HKT wird eher als negativ betrachtet, weil z.B. die Unternehmensgrößen von der Anzahl der Beschäftigten her zu unterschiedlich sind (HKT 12.000 zu PCC 500). Synergien sind nicht groß genug. Positiver wird Merger HKT mit Singapore Telecom gesehen. Der politische Faktor spielt eine große Rolle, ist davon abhängig, wie China dies in Bezug auf Einflußtnahme im gesamtasiatischen Raum sieht. Ebenso kritisch ist die allmählich Monopolstellung der Li-Familie.
Der Handel von PCC ist weiterhin ausgesetzt bis zur Ankündigung einer Kapitalerhöhung.
Artikel zu Kapitalerhöhung vom früheren Morgen aus Quamnet:

CyberWorks Rumoured to Place Shares (1186)
Feb 14,2000 - 10:57:11 HKT
Pacific Century CyberWorks' (1186) suspension continues this morning
pending the issue of an announcement in relation to a top-up placement of
shares. A market source said it will first place 250 million shares, following with an additional of 85 million shares probably, at $23.50 per share.
PCC Ausssetzung dauert heute morgen wegen der anstehenden Ankündigung einer Kapitalerhöhung mit Ausgabe neuer Aktien. Eine Marktquelle sagte, daß zuerst 250 Mio Aktien plaziert werden, möglicherweise gefolgt von zusätzlichen 85 Mio Aktien, zum Preis von 23,50 HK$.

Ich hoffe, meine Übersetzungen waren korrekt und verständlich.
Das wird mit PCC ja immer verrückter und bleibt spannend.
Ich denke, die Ankündigung wird heute kommen,so dass ab morgen wieder gehandelt wird.


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