China Mobile is poised to expand into emerging markets around the world through the US$5 billion acquisition of Millicom International Cellular of Luxembourg. The South China Morning Post said the parent company of China Mobile (Hong Kong) is finalizing details of the deal with Millicom's shareholders. Sources said China Mobile's offer ranged between US$48-50 per share, representing a premium of up to 14.2%. State-owned China Mobile is racing against large mobile operators to establish itself in emerging markets like Africa where penetration rates are low and opportunities high. The company's bid appeared likely to beat out a competing one from Mobile Telecommunications Co (MTC) of Kuwait, although no official statements have been forthcoming. The deal would be the largest overseas acquisition by any Chinese company.