PCCW said it wouldn’t approach Cable & Wireless (C&W) again on po...
PCCW said it wouldn’t approach Cable & Wireless (C&W) again on possible takeover. Commenting on speculations over weekend that it would make another offer to C&W after its preliminary approach was rebuffed in Jan., Hong Kong’s PCCW said Mon.:…
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“It is not in the company’s interest for the continuing uncertainty regarding any possible takeover offer for C&W to continue.” It said outcome of any further approach was “unpredictable” and would lead to “continuing uncertainty.” PCCW also denied speculations about its interest in Japan Telecom, calling it speculation that was “completely unfounded” and said it had “never had any discussion in relation to any transaction involving Japan Telecom.” Company requested temporary suspension of trading of its shares on Hong Kong stock exchange Mon. to review and clarify situation, which it said had caused “confusion” in market. It said trading of its shares would be resumed today (Tues.).