HONG KONG: Hong Kong conglomerate Hutchison Whampoa said on Wednesday it would only consider selling its 67 per cent stake in its Indian operation Hutchison Essar for offers above 14 billion US dollars.
A spokesman for Hutchison Whampoa, headed by Hong Kong tycoon Li Ka-shing, also dismissed an indicative offer of 13.5 billion dollars for Hutchison Essar made by US-based Texas Pacific Group and Malaysian mobile operator Maxis.
Last week, Hutchison Whampoa's subsidiary Hutchison Telecom said it has been approached by various parties regarding a sale of its 67 percent stake in Essar although it said there was no guarantee that this would result in a deal.
The comments came after India's Essar group, which owns a 33 percent stake in Hutchison Essar, offered to buy out its partners in the company.
The Essar group reportedly made the offer through its advisors, Morgan Stanley and Bear Stearns, who met senior Hutchison officials in Hong Kong on Tuesday.
According to reports, India's Reliance Communications, and Egypt's Orascom Telecom have also bid to buy the firm -- the country's third-largest with 27 million subscribers.
Britain's Vodafone, the biggest mobile phone company in the world, also indicated its interest in the deal last week.
Source : DNA
A spokesman for Hutchison Whampoa, headed by Hong Kong tycoon Li Ka-shing, also dismissed an indicative offer of 13.5 billion dollars for Hutchison Essar made by US-based Texas Pacific Group and Malaysian mobile operator Maxis.
Last week, Hutchison Whampoa's subsidiary Hutchison Telecom said it has been approached by various parties regarding a sale of its 67 percent stake in Essar although it said there was no guarantee that this would result in a deal.
The comments came after India's Essar group, which owns a 33 percent stake in Hutchison Essar, offered to buy out its partners in the company.
The Essar group reportedly made the offer through its advisors, Morgan Stanley and Bear Stearns, who met senior Hutchison officials in Hong Kong on Tuesday.
According to reports, India's Reliance Communications, and Egypt's Orascom Telecom have also bid to buy the firm -- the country's third-largest with 27 million subscribers.
Britain's Vodafone, the biggest mobile phone company in the world, also indicated its interest in the deal last week.
Source : DNA