Hutchison Telecom Sets IPO Terms
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Hutchison Telecommunications International Ltd. plans to sell 69.3 million American Depositary Shares at $12.67 to $14.67 apiece in its initial public offering, the company said Monday in an amended regulatory filing.
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BARCELONA/MUMBAI  - Britain's Vodafone Group Plc  has won the battle for a controlling stake in Hutchison Essar with a bid that values India's fourth-biggest mobile firm at around $19 billion, including debt.
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Britain's Vodafone Group PLC has agreed to buy a 67 percent controlling interest in Hutchison Essar Ltd., one of India's leading cell phone companies, for $11.1 billion, Vodafone said in a statement Sunday.
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The price range for the shares is for institutional clients and excludes brokerage fees. It values Hutchison Telecom at between US$3.
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HONG KONG: Hutchison Telecommunications International Ltd, which sells mobile phone services in India, Hong Kong and six other countries, cut its initial public offer target after Asian telecommunications stocks slumped this year.
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An Indian NGO (non-government organization) called Telecom Watchdog has filed a petition with the High Court of Delhi, alleging that foreign shareholding in mobile services operator Hutchison Essar Ltd. is in breach of the Indian government's regulations on foreign direct investment (FDI).
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Britain's Vodafone Group Plc   has won the battle for a controlling stake in Hutchison  Essar with a bid that values India's fourth-biggest mobile firm  at around $19 billion, including debt.
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The company may be hinting at going public.
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Hutchison Whampoa Ltd, the flagship of Asia&#39;s richest tycoon, Li Ka-shing, raised $890 million from the flotation of its emerging markets phone arm after pricing it at the bottom of an indicated range.
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HONG KONG (Dow Jones)--Hutchison Telecommunications International Ltd.&#39;s (2332.HK) debut on the Hong Kong Stock Exchange Friday paled in comparison to China Power International
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Hutchison Telecommunications International (HTIL) hopes to raise as much as HK$8.81 billion from a dual listing in Hong Kong and New York, parent Hutchison Whampoa said.
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HONG KONG/BARCELONA  - Shares in Vodafone are expected to open higher on Monday after it beat rival suitors with an $11.1 billion bid for a controlling stake in Hutchison Essar, India's fourth-biggest mobile phone firm.
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(InfoWorld) - British mobile services operator Vodafone Group will acquire a majority stake in Hutchison Essar, winning aÂ heated bid for controlÂ of the Indian mobile services operator. Vodafone announced late Sunday that it has agreed to acquire companies that control a 67 percent stake in Hutchison Essar from Hutchison Telecommunications International, a subsidiary of Hong Kong's Hutchison Whampoa. Hutchison Telecommunications holds a majority stake in Hutchison Essar both directly and through a joint venture company in which Indian partners hold shares. Vodafone will pay $11.1 billion in cash for the acquisition, along with assuming $2 billion in debt, through its subsidiary Vodafone International Holdings. The transaction is expected to close in the second quarter of this year, and is conditional to Indian regulatory approval, it said. Hutchison's decision came over the weekend, after it evaluated bids from four key contenders including Indian mobile services provider Reliance Communications, the Hinduja Group of the U.K., and Indiaâs Essar Group, which holds 33 percent in Hutchison Essar, according to informed sources. Vodafone will offer to acquire the Essar Groupâs stake at the same price per share it is offering Hutchison, the company said. Indian regulations however do not allow foreign operators to hold more than 74 percent of the equity in an Indian telecommunications service provider. If the Essar Group sells its stake, Hutchisonâs local partners, which together have a 15 percent interest in Hutchison Essar, will increase their interest to 26 percent, Vodafone said. The Essar Group said in its statement late Sunday that it was evaluating an offer from Vodafone to be a partner. The Essar Group has the option to continue as an equity holder in Hutchison Essar or sell its stake along with Hutchison Telecommunications. Vodafone has been seeking Hutchisonâs stake since December last year, and in January the companyâs CEO,Â Arun Sarin visited India to press its caseÂ with the Indian government and business partners here. India is adding over 6 million new mobile subscribers every month. Hutchison Essar had 23.3 million customers as of December 31, 2006, which gave it a 16.4 percent market share. Vodafone also offered Sunday to sell its stake of 5.6 percent in Bharti Airtel, also a large Indian mobile services operator, to another company of the Bharti Group for $1.6 billion, double the price for which itÂ acquired the stake in 2005. It also announced a memorandum of understanding with Bharti Airtel for infrastructure sharing with Hutchison Essar.
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Britain's Vodafone Group  has  won the auction for a controlling stake in Hutchison Essar with  an offer that gives India's fourth biggest mobile operator an  enterprise value of just under $19 billion, a source close to  the auction said on Sunday.
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By Kyodo News International, Tokyo  Dec. 15--TOKYO -- NTT DoCoMo Inc. said Friday it has licensed Hutchison  Essar Ltd. of India to offer i-mode cellphone-based Internet services.
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By agreeing to pay $11.1 billion for a majority stake in Hutchison Essar, Vodafone of Britain faces the challenge of running the fast-growing Indian cellphone business with the cost discipline that is custom in that country.
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Reliance Communications, India's second-largest mobile operator, is seeking to raise as much as $1.5bn by listing its telecom infrastructure unit, in defiance of difficult conditions for fresh offerings after a sharp fall in stock markets.