Davnet apologizes to New World Telephone to avoid suit

Australian telecom operator Davnet has apologized to New World Telephone after New World threatened to sue it for remarks it made about the Hong Kong operator''s staffing and market share.

Davnet, an Australian telecom company, has apologized to New World Telephone today in order to avert legal action by the Hong Kong operator. The dispute arose over comments Davnet made following the breakdown of negotiations to take a 74% stake in New World's fixed line business.

Melbourne-based Davnet said at the beginning of June that talks between the two companies broke down because New World was losing revenue, market share and staff. New World Development, the real estate parent of New World Telephone, immediately denied it was losing market share or that it had lost staff in significant numbers, and threatened legal action.

Davnet has now admitted...

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