Australian largest telco Telstra and Hong Kong's Pacific Century CyberWorks have completed 10 months of agonising negotiations, giving birth to three joint venture companies which will help push Telstra further into the Asia-Pacific region.
Pacific Century CyberWorks has sought to dispel media and market speculation on several points, including talk that its partnership with Telstra is in trouble.
From Wednesday, Cable & Wireless will be free to dump half of its 15 percent stake in Internet and telecoms firm Pacific Century CyberWorks, and the Hong Kong market is abuzz over who might buy it, and when.
Pacific Century Cyberworks is battered, but still standing, after it reported a loss of US$886 million - one of the largest in Hong Kong corporate history.
Goldman Sachs cut profit and revenue estimates for Pacific Century CyberWorks after the Hong Kong telco's Australian joint venture partner gave specific guidance on their Reach international backbone business.
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