Vodafone, Reliance consider buying into Hutchison Essar's parent - report |
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Tue, 16 Jan 2007 03:37
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HONG KONG (XFN-ASIA) - Amid intense competition for control of Indian mobile phone operator Hutchison Essar Ltd, rival bidders Vodafone Group PLC and Reliance Communications Ltd are considering an alternative plan to gain control of the Indian firm by buying the large stake in its parent company, Hong Kong-based Hutchison Telecommunications International Ltd (HTIL), the Wall Street Journal reported.Hutchison Telecom's parent Hutchison Whampoa has been looking for buyers for the 67 pct stake in Hutchison Essar owned by its unit for several weeks, but joint venture partner Essar Group has been claiming a right of first refusal for any sale and has threatened to use various means to block a deal.So the potential buyers have been studying the possibility of acquiring Hutchison Whampoa's HTIL shares instead, the Journal said. Hutchison Whampoa owns 49.8 pct of HTIL.Vodafone and Reliance are considering the option of buying Hutchison Whampoa's controlling stake in HTIL at the request of Hutchison Whampoa, the paper cited a person familiar with the matter as saying.Vodafone and Hutchison Whampoa spokespersons declined to comment, while a Reliance representative could not be reached, it said.rc/
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India's Essar bracing for big fight with Vodafone over Hutchison Essar - report 