Takeover offer ‘not credible’, says PCCW

24 Sep 2007

Nelson Wong Kam Fu, the chairman of Smart Rich Energy Holdings, has told reporters that he has made a takeover offer for Hong Kong telco PCCW, but the incumbent has countered that it has not received a ‘credible proposal’, according to news portal ABC Money. Wong Kam Fu’s cash offer was reported to reach USD8.73 billion, roughly double PCCW’s market capitalisation, and he has claimed that he has the Chinese government’s support. Hong Kong newspaper The Standard reports that Wong Kam Fu plans to team up with a French consortium to complete the takeover.

Hong Kong, PCCW Group