China Unicom said its shareholders have approved the sale of one of its mobile networks, and a merger with China Netcom, AP reported. The merger, part of a wider industry restructuring, will see the creation of three major domestic carriers, each with mobile and fixed-line assets. Under the plan approved by Unicom shareholders, Unicom will sell its CDMA-based mobile business to China Netcom, but will retain its own network based on GSM technology. The deal is still subject to approval by Netcom shareholders.
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