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-------------------------------------------------------------- This story was printed from ZDNet Australia. --------------------------------------------------------------
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SingTel confirms Optus interest February 16, 2001 URL: http://www.zdnet.com.au/news/soa/SingTel-confirms-Optus-interest/0,139023165,120204774,00.htm
Singapore Telecommunications has submitted a non-binding indicative expression of interest for shares in Cable & Wireless Optus, hoping to secure a stake in Australia's lucrative mobile phone market. SingTel, Asia's eighth-largest telecoms carrier, said in a brief statement to the Singapore Exchange that "terms for the acquisition have not been finalised and the transaction is still at a preliminary stage". It said the acquisition was subject to the approval of SingTel's board of directors and all necessary regulators. A source at the Australian Competition and Consumer Commission told Reuters it had held talks with SingTel regarding a potential bid. SingTel joins Telecom Corp of New Zealand, Vodafone and Hutchison Telecommunications (Australia), which have all publicly stated they are involved in due diligence. C&W Optus is 52.5 percent-owned by Cable & Wireless. Reports have put a possible SingTel all-cash bid for C&W Optus at about AU$15 billion (US$7.9 billion).
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