PCCW's Chairman said he expects to make a deal to sell the Hong Kong operator's telecom and media assets by the end of this month, despite strong opposition from its main shareholder, China Netcom, which owns 20 percent of the company. PCCW has received non-binding expressions of interest from Australia's Macquarie Bank and from Newbridge Capital, the Asian investment arm of U.S.-based Texas Pacific Group. Netcom isn't happy about any deal where the control of the company would be given to a foreign entity. Speculation is that Beijing might not approve a deal since Netcom is primarily owned by the Chinese government.
To read more about PCCW's planned sale of its assets:
- take a look at this article from Dow Jones