PCCW-NEWS!!

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PCCW-NEWS!!

 
27.02.00 17:02
#1
SINGAPORE, Feb 27, 2000 (AP Worldstream via COMTEX) -- Singapore
                Telecommunications may seek a court injunction to stop HSBC Holdings PLC from
                helping another company bid for a Hong Kong phone giant with which SingTel wants
                to merge, newspapers reported Sunday.

                The rival bidder, Hong Kong's Pacific Century CyberWorks, has been expected to
                make an offer for Cable and Wireless HKT. Cable and Wireless has also been in
                merger talks with SingTel.

                Global banking group HSBC had been advising Cable and Wireless about SingTel's
                merger bid, but it recently resigned and is now a proposed source of funds for
                the rival bidder, Pacific Century CyberWorks, London's Sunday Telegraph and
                Singapore's Straits Times said.

                SingTel is now planning to sue HSBC for breaking conflict of interest rules and
                seek a Hong Kong court order to stop it from lending money to Pacific Century
                CyberWorks, the Sunday Telegraph report said.

                HSBC spokesman Gareth Hewett told The Associated Press Sunday that the company
                had ``not heard from Singapore Telecom, nor have we heard from Singapore
                Telecom's legal advisers,'' and so could not comment on the reports.

                ``However, what we would like to make absolutely clear is that at all times we
                have acted properly in our dealings with Cable and Wireless HKT,'' he said.

                Neither the Straits Times nor the Sunday Telegraph identified their sources for
                the reports.

                Both SingTel spokesman Lim Seng Jin and Cable and Wireless HKT spokeswoman Mimi
                Lam in Hong Kong declined to comment.

                Telecom mergers have already swept the more open U.S. and European markets,
                leading to some of the biggest corporate takeovers in history. But such deals
                are still rare in Southeast Asia.

                Formed less than a year ago, Pacific Century CyberWorks is setting up an
                Internet network in Asia and is valued at 229 billion Hong Kong dollars (dlrs
                29.3 billion).

                The new company is controlled by Richard Li, whose father, Li Ka-shing, is one
                of Hong Kong's wealthiest businessmen.

                Cable and Wireless HKT is 54 percent held by Cable and Wireless PLC of Britain.

                Copyright 1999 Associated Press, All rights reserved.


PCCW-NEWS!! Trader

Re:PCCW-News!!

 
#2
2/27/00 - BRIDGE TOP NEWS NOW: HSBC denies
                wrongdoing in HKT takeover battle

Feb 27--1432 GMT/0932 ET .................................................................­ TOP STORIES:

Prudential mulls bid for Equitable Life London--Feb 27--Prudential PLC (GB;PRU) is considering a 4 billion-sterling ($6.4
billion) bid for troubled mutual life insurance group Equitable Life, the Sunday Telegraph newspaper reported, without citing
sources. The move would restore Prudential as the UK's largest insurance group, a position it lost after the 20 billion sterling
merger of CGU and Norwich Union last week. (Story .10548)

HSBC denies wrongdoing as SingTel threatens to sue over HKT Hong Kong--Feb 27--HSBC Holdings (GB;HSBA), the
global banking group, denied Sunday it has committed any wrongdoing after it was reported that Singapore Telecom (SG;STT)
is preparing to sue, claiming HSBC has broken conflict of interest rules in the battle for control of Cable & Wireless's Hong
Kong-based subsidiary HKT (HK;8). The Singaporean group will try to prevent HSBC acting as a lead lender to Pacific
Century CyberWorks, which is also trying to strike a deal over HKT. (Story .10671)

host.insidertrader.com/News.html


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