Tycoon Li Ka-shing
Hutchison offer for subsidiary
08-01-2010
Hutchison Whampoa has offered to take over its loss-making telecoms subsidiary in a deal valued at US$545 million.
The group, headed by tycoon Li Ka-shing, said the proposal to acquire Hutchison Telecom would allow it to manage the troubled firm's investments more flexibly.
Shareholders in the telecoms group will be offered HK$2.20 a share.
Hutchison Whampoa currently holds a 60.4 percent stake in the firm.
