Hong Kong billionaire Li Ka-shing reportedly has put together a private bid for the core media and telecom assets of PCCW, which are controlled by his son, Richard Li. The move comes amid two other bids from Australia's Macquarie Bank and the Texas Pacific Group's Asian arm, TPG-Newbridge. China Netcom, which owns 20 percent of PCCW, is opposed to any strategic foreign ownership of the company. Both Macquarie and TPG have said they are willing to make special concessions to address Netcom's concerns, including increasing the mainland company's stake to 50% to avoid PCCW's assets falling into control of foreign hands. Li Ka-shing is the world's 10th richest man with a net worth of $18.8 billion, according to Forbes. He controls two of Hong Kong's flagship companies, Hutchison Whampoa and Cheung Kong Holdings.
To read more about Li Ka-shing's reported offer for PCCW:
- check out this article from Dow Jones