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Hong Kong telephone operator PCCW confirmed Wednesday night in an announcement that Australia's Macquarie Bank Ltd. and U.S. private equity firm TPG Newbridge were in talks to buy PCCW's telecommunications and media assets.

 

The announcement came amid reports that an Australian bank-led consortium could offer some 40 billion Hong Kong dollars (US$5.1 billion) for the assets of PCCW, which is controlled by Richard Li, son of Asia's richest tycoon Li Ka-shing

 

PCCW received "a non binding expression of interest" from Macquarie Bank Ltd. on June 16 and TPG Newbridge expressed its interest on June 20, according to the company's announcement.

 

"Both expressions of interest are indicative and preliminary in nature and the form which any possible transaction might take, and the means and structure by which it might be implemented, remain to be discussed and determined," said the announcement.

 

PCCW, however, said in the announcement that reports appearing in Hong Kong press estimates on the size of any deal were "inaccurate."

 

"The reports of estimated consideration of HK$40 billion and HK$50 billion (US$5.14 billion and 6.43 billion) which appeared in the Hong Kong press recently are inaccurate and speculative in nature," it said.

 

PCCW said it would continue discussions with potential acquirers "in the best interests of the company and its shareholders."

 

"It is not appropriate at this time to disclose the proposed consideration in the absence of the detailed terms of any transaction, which have yet to be formulated," the announcement said.

 

However, PCCW said the company would need to obtain the consent of China Network Communications Group Corporation, which holds 20 percent of PCCW's shares, if the company were to seek to dispose of more than 10 percent of the voting interest of the company and its subsidiaries.

 

At the request of the company, trading in the shares of PCCW on the Stock Exchange was suspended with effect from 9:30 a.m. (0130 GMT) on June 21 pending the release of the announcement, and the company has applied to resume trading with effect from 9:30 a.m. (0130 GMT) Thursday.

 

Analysts said the possible transactions between PCCW and acquirers could face potential objections on security and nationalist grounds from Beijing if the company really does intend to sell its key telecoms assets to a foreign entity.

 

State-owned China Network Communications Group bought 20 percent of PCCW last year for one billion dollars in a deal intended to lead to a series of cooperative ventures and in part just such a pre-emptive strategic tie-up.

 

China Netcom said in a statement late Tuesday that it did not want to see any changes at PCCW and would look closely at any proposed acquisition of PCCW's assets "to assure shareholder rights are well protected."

 

"We do not want to see any changes in PCCW, which is owned and managed by Hong Kong people, nor any changes in its key assets," China Netcom said in the statement.

 

(Xinhua News Agency June 22, 2006)