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CHINA MOBILE Reportedly Nears Acquisition of HKBN; I Squared to Exit Bidding
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CHINA MOBILE (00941.HK) is close to finalizing a deal to acquire HKBN (01310.HK), as competitor HGC's parent company I Squared Capital plans to withdraw from the bidding process, foreign media reported. I Squared did not receive approval from China's sovereign wealth fund, China Investment Corporation (CIC), and thus cannot continue its bid for HKBN, report told. As for China Mobile, it had announced in early December last year its intention to fully acquire HKBN at HKD5.23 per share, valuing HKBN at HKD7.8 billion. AASTOCKS Financial News Website: www.aastocks.com |
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