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).
