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Hutchison ends Global Crossing bid; ST Telemedia looks to take over.
(From Agence France Presse)
Hong Kong-based Hutchison Whampoa withdrew its bid for bankrupt telecom group Global Crossing, citing problems with US regulators.
The decision by Hutchison's telecom unit ends a joint bid with Singapore Technologies Telemedia, but allows the Singapore firm to continue with the planned acqusition.
"Despite working closely with the relevant authorities in the US to address regulatory concerns, it has not been possible to reach agreement on an appropriate structure that is fully satisfactory to all parties concerned within a reasonable investment time frame," the statement said.
"Given that the acquisition of a …
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