China Mobile still wants international presence

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 from the Financial Times


Like this story? Subscribe to FierceWireless!

The Wireless industry is an ever-changing world where big ideas come along daily. Our subscribers rely on FierceWireless as their must-read source for the latest news, analysis and data on this increasingly competitive marketplace. Sign up today to get wireless news and updates delivered to your inbox and read on the go.