China Unicom shareholders approve merger with Netcom, sale of CDMA ops UPDATE.

(From AFX Europe (Focus))

HONG KONG (XFN-ASIA) - China Unicom shareholders approved the company's proposed merger with China Netcom under the mainland's telecom industry restructuring program.

At a special meeting today, shareholders also approved the sale of Unicom's CDMA mobile phone business to China Telecom.

After the sale, Unicom will have a single GSM-based mobile system. It will also become a full-service operator by inheriting Netcom's fixed-line phone system.

China Telecom, a fixed-line specialist, will also become a full-service operator through its purchase of the CDMA network from Unicom.

Unicom chairman Chang …