IDT wants to keep Global Crossing out of the clutches of ‘a foreign entity’

25 Feb 2003

The bidding war for a majority stake in Global Crossing is hotting up after US telco IDT announced that it would mount a USD255 million bid for the bankrupt operator in an attempt to trump a takeover by Hong Kong based Hutchison Whampoa and Singapore Telemedia. IDT’s chairman said: ‘We feel it is against the national interest to sell this company to a foreign entity.’ US federal regulators currently reviewing the USD250 million joint bid by the Asian telcos have demanded assurances from both that their purchase of a 61.5% stake in Global Crossing won’t compromise national security.