HONG KONG, Oct 25 (Reuters) - New World Development Co. Ltd.
<0017.HK> is in talks to merge its mobile phone unit New World
Mobile Holdings Ltd. <0862.HK> with Hong Kong carrier CSL, which
is controlled by Australia's Telstra Corp., a Hong Kong
newspaper reported on Tuesday.
The Apple Daily quoting an unidentified source as saying the
two companies' parents were discussing the pricing and structure
of a possible tie-up.
The paper said details could be announced in November at the
earliest. It gave no further details.
A spokesman for Telstra, Australia's largest phone company
and which is due to make a public offering late next year, said
he would not comment on market speculation.
"CSL remains Hong Kong's most profitable operator. Telstra
and CSL continue to leverage off each others' experience,"
spokesman Warwick Ponder said.
Telstra's new chief executive, Sol Trujillo, has not ruled
out selling parts of the 51.8 percent-owned government company,
saying nothing is sacred. He is due to announce results of a
strategic review of the company in mid-November.
It would be the third merger among telecommunications firms
in the fiercely competitive Hong Kong market in the last five
months, following PCCW's <0008.HK> $249 million takeover bid for
Sunday Communications Ltd. <0866.HK> in June, and China Mobile
(Hong Kong) Ltd. <0941.HK> buying control of China Resources
Peoples Telephone Co. Ltd. <0331.HK> in October.
PCCW, Hong Kong largest fixed line operator, had in 2002 sold
its stake in Regional Wireless Co., which includes Hong Kong
carrier CSL, to its joint venture partner Telstra for $614
million to reduce its debt.
Shares of New World Mobile have soared 143 percent over the
past three months to trade at HK$2.45 on Tuesday.
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