PCCW ends buyout talks

PCCW, Hong Kong's dominant phone operator, said Wednesday said it had ended buyout talks with Australia's Macquarie Bank and United States firm TPG Newbridge. The two foreign companies had made offers worth as much as US$7 billion for PCCW's core telecom and media assets, but the mainland government and China Netcom – the group's second largest shareholder with a 20% stake – strongly opposed the asset sale. �Despite persistent endeavours to develop an acceptable structure, all attempts to do so have failed�, PCCW said in a statement. PCCW chairman Richard Li Tzar-kai announced earlier this month he would sell his 22.7% stake in the company to former investment banker Francis Leung Pak-to for US$1.15 billion.