Mcquarie Group woos China Netcom in PCCW bid

Australia's Mcquarie Group is trying to woo China Netcom as its ally in the quest for the telecom and media assets of Hong Kong-based PCCW, which has attracted a rival offer from TPG Newbridge Capital. Mcquarie reportedly structured its $7.3 billion takeover offer so that Netcom, which owns 20 percent of PCCW, could retain its stake in the assets. China Netcom, which is controlled by the Chinese government, has opposed any takeover of PCCW. That means Beijing might reject any sale.

To read more about Mcquarie Group's bid for PCCW:
- take a look at this article from The Financial Times