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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British mobile phone giant Vodafone has agreed to buy an 11-billion-dollar controlling stake in India's Hutchison Essar in an attempt to move into the world's fastest-growing mobile phone market.
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Hutchison Telecommunications International Ltd. (HTIL), part of Hong Kong&#39;s Hutchison Whampoa Ltd., on Monday began marketing a scaled-down IPO worth up to HK$8.
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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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Singapore-based PSA International is leading a pack of shipping giants, which includes tycoon Li Ka-shing&#39;s flagship Hutchison Whampoa, that are prepared to shell out upward of US$1 billion (HK$7.8 billion) to buy CSX World Terminals&#39; port assets
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The company signs on an Indian cellular provider, looking to capitalize on the country's fast-growing wireless market.
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The company may be hinting at going public.
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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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Asia&#39;s richest businessman, Li Ka-shing, has set Hutchison Whampoa&#39;s third generation mobile phone operations -which include 3 Group in the UK - a target of breakeven by the end of next year.
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Clearwire Corp is expected to float on the US market today, executing its IPO despite last week's market slump. The WiMax service provider is a rare example of a telecom IPO, and clearly hopes to not flame out as badly as the last big one - Vonage.
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Shares of mainland telecom firm China Netcom Group Corp. (Hong Kong) Ltd. exceeded market expectations in their debut on the Hong Kong stock exchange Wednesday. It was Asia's biggest telecom listing so far this year.
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HONG KONG China Netcom Group (Hong Kong), controlled by the second-largest fixed-line phone operator in China, has filed with US regulators to raise as much as $1.
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Hutchison Telecommunications International Ltd. (HTIL) has cut its initial public offer (IPO) size by about 30 percent to $975 million-$1.
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BARCELONA/HONG KONG  - Vodafone shares climbed in early Monday trading 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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They're putting the "oh" in IPO these days.
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Hutchison Whampoa said it will offer 1.155 billion shares or 25 percent of the unit&#39;s 4.5 billion shares. The price range of $0.
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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.