A US$4 billion bid has been tabled by China Mobile for Millicom International, a mobile phone company that operates in emerging markets, the Financial Times reported. The purchase of the NASDAQ-listed company, which is controlled by Swedish media group Kinnevik, would represent the first overseas M&A activity by a Chinese state-owned telecom operator. It has around 10 million subscribers in 16 countries in Latin America, Africa and Asia. However, China Mobile is likely to face competition from up to six other potential buyers, all of whom have been carrying out due diligence on Millicom since it was put up for sale in January. The bid is in keeping with the Chinese government's "Go Global" policy, intended to turn domestic companies into multinationals. This has taken a turn towards emerging markets as executives see better chance of success there than in developed countries.