STT likely to get Global Crossing green light

2 Sep 2003

According to Global Crossing CEO John Legere, Singapore Technologies TeleMedia’s (STTs) bid for his company is likely to get the nod later this month. The controversial deal is currently before the US Committee on Foreign Investment; there had been concerns about a foreign business buying an American company which carries sensitive national data, though these are now believed to have been addressed. The committee is expected to present its views to President Bush in the next few days, after which he will have 15 days to decide whether to give the buyout his approval.