Loan market crisis throws spanner in PCCW sale
The final bids for a 45% stake in Hong Kong fixed line carrier PCCW are due this Friday, but with risk-shy banks shunning underwriting commitments and PCCW’s share price plunging to almost half its value in a year, the outcome for this sale looks uncertain to say the least. Find out what lenders are saying about the upcoming auction and how the collapse of the Asian credit market is affecting other mergers and acquisitions in the region in this week’s EuroWeek.
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