Seven opposes SingTel's Optus bid

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07 June 2001 04:44 PM
Tags: seven network, channel seven, optus, singtel, foreign, bid, australia, takeover

Broadcaster Seven Network has urged Australia's Foreign Investment Review Board to reject SingTel's bid for Cable & Wireless Optus.

Seven said its submission highlighted concerns about the implications of the SingTel offer, which if accepted would result in the takeover of a significant Australian asset by a foreign company, effectively controlled by a foreign government.

"Seven believes that such a structure is unacceptable in ensuring integrity of our communications infrastructure and promoting competition and delivery of service to consumers," the television broadcaster said in a statement.

The Foreign Investment Review Board will make a recommendation on the SingTel bid to Treasurer Peter Costello for a final decision.

The Australian government has said previously it was investigating the security implications of the proposed takeover for an Australian Defence Force satellite joint venture with Optus.

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