S'pore Telecom eyes Optus

Sat, 17 Feb 2001 | Source: AFP

SINGAPORE (AFP): Singapore Telecommunications Ltd. (SingTel) has confirmed that it is bidding for Australia's Cable and Wireless Optus Ltd.

The company said in a statement late Thursday it "has submitted a non-binding indicative expression of interest for the acquisition of shares" in Australia's second largest telecoms company.

The move confirms speculation in Australia that the Singapore carrier would enter the bidding for Optus.

Telecom Corp. of New Zealand and Vodafone, the world's biggest mobile company, are also seeking control of the company, which is being sold by its parent, Britain's Cable and Wireless.

Analysts believe SingTel is well placed to win a bidding war for Optus given its cash hoard of six billion Singapore dollars (US$3.4 billion).

View JSON | Print