Sunday-unit will sell itself to PCCW

Much like the controversial acquisition maneuvering over at Deutsche Telekom and Vivendi as noted in the story above, the saga of PCCW's mobile unit is also heating up: Sunday Communications has come up with an elaborate scheme to sell some of the company's core assets. Sunday will enact a $249 million transaction in which it sells its second and third generation networks, customer base and other core businesses to PCCW and then delists from the Hong Kong stock exchange. To buy the assets of a listed company, PCCW needed the consent of 90 percent of its shareholders, which it could not garner last December. The new scheme only requires 51 percent approval from the shareholders, since the company will not be listed.

For more on the PCCW, Sunday deal:
- see this WSJ article (sub. req.)