PCCW desperately in need of Telstra tie-up

PCCW desperately needs to cut a deal with Telstra after letting a couple of other deals get away.
For Pacific Century CyberWorks PCCW the music has stopped and investors love-in with the company has come to an end the share price has dropped two-thirds since it announced its takeover of Cable Wireless HKT. But its not just stockmarket investors who have ditched PCCW and its promised riches previously announced deals are falling by the wayside as well. Planned joint-ventures with CMGI and GigaMedia are no longer on the cards and there is intense speculation that Telstra may complete the hat-trick a move that would rob PCCW of a much-needed $3 billion of fresh capital.

For now, PCCW is keeping its numerous PR mouthpieces well away from the phones...

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