Hutchison won't float 3 Italy

Hutchison Whampoa, which has continually delayed listing its Italian third-generation wireless business 3 Italy, now says it has no plans in the short-term to make it public. Hutchison started the public process last year, but kept postponing the plan because of regulatory approval delays and valuation issues. In January it slashed its price expectations for the flotation. Hutchison realized that 3 Italy was going to be valued by public markets at only €8 billion, including its €3.8 billion of debt. The amount was equivalent to the total capital invested in 3 Italy by the Hong Kong group since it was founded in 2000, and is 20 percent less than Hutchison had hoped for last year.

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