PCCW seals deal with Telstra

Six months after PCCW and Telstra first announced plans to form mobile and IP backbone joint-ventures, a deal has finally been struck.

Pacific Century CyberWorks PCCW has at long last managed to seal a deal with Telstra, albeit on terms very different from those outlined when the transaction was first announced in April. The removal of the uncertainty as to whether or not a deal would be struck should be a positive factor for PCCWs shares, the price of which has fallen 70% since it peaked in February to HK$7.65 the price at which it last traded before being suspended.

Although this should happen, we will find out on Monday - judgement day exactly what is the markets view of this deal. PCCW Chairman Richard Li needs to earn some shareholder goodwill...

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