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English > Industry&Companies > Industry-Breaking News>HK Court Explains Reasons for Rejecting PCCW Buyout

HK Court Explains Reasons for Rejecting PCCW Buyout

05-11 18:02 Caijing

Full article in Chinese: http://www.caijing.com.cn/2009-05-11/110163799.html

» The Hong Kong Court of Appeals on May 11 explained why it rejected the US$2.1 billion buyout of telecom giant PCCW Ltd. by its major shareholders.
» The court said that the top shareholders leading the bid had clearly manipulated the vote, giving out shares to agents who were willing to support the deal.
» On April 22, the court agreed with Hong Kong's Securities and Futures Commission that the deal, led by company chairman Richard Li, should be blocked without an immediate explanation.
» Li and his partners dropped their bid for PCCW following the decision
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