China Mobile will continue to pursue overseas acquisitions in spite of its last-minute decision to end a $5.3 billion bid for Millicom, according to the Financial Times. The collapse of the deal earlier this week opened up fears that China Telecom was struggling to build an international footprint. But sources close to the company said China Mobile realized how difficult it would have been to manage Millicom's operations in emerging markets and it couldn't justify the $48 per-share bid. Millicom shares fell 25 percent to below $34 each after it announced that talks had ended.
For more about China Telecom's international expansion plans:
- read this article [1] from the Financial Times
Links:
[1] http://www.ft.com/cms/s/bc6e7ee6-0b7d-11db-b97f-0000779e2340.html