Australia's Telstra makes China acquisitions

Australia’s largest telecommunications company Telstra has paid US$196.8 million for controlling interests in two Chinese cellphone content and online music companies, the Wall Street Journal reported. Telstra said in a statement issued Wednesday that it bought 67% stakes in both China M, which provides consumer cellphone content, and Sharp Point, a provider of technical services to China Mobile. The two acquisitions will accelerate Telstra’s plans to achieve US$658 in sales from its China media assets by 2013. Telstra’s chief executive Sol Trujillo said in a conference call with analysts that the firm may have to make more acquisitions to reach that target.