The press release said it all. The strategic alliance is subject to a number of preconditions including the successful completion of the acquisition by PCCW of Cable and Wireless HKT.
But looking at the massed ranks of the media, analysts and company executives from Telstra, PCCW and Cable Wireless HKT, you wouldáhave thought that PCCW and Cable Wireless HKT had already merged. Far from it.
With PCCW's share price at HK$15.4 on the day before the deal was announced, there is a large chance that PCCW's cash and share offer for CW HKT will not go through. Nevertheless company executives from HKT and PCCW have...
