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China Mobile is considering a bid for CSL, Hong Kong's second-largest mobile phone operator, which is owned by Australia's Telstra, in a deal that could be worth about 1.8 billion US dollars.
The takeover would enable the Chinese group to lessen the impact of rising competition in its home market.
A purchase of CSL, which recently launched third-generation mobile phone services, could strengthen China Mobile's hand when the Beijing government awards 3G licenses this year or the next.
However, so far, the plans are still at an early stage and Telstra has not been formally approached. China Mobile in Beijing and its Hong Kong-listed unit said they were not in talks with Telstra.
Industry insiders say Telstra is not actively marketing CSL but it would consider takeover approaches, especially if it is able to recoup most of the funds it spent acquiring the Hong Kong company.
(CRI.com January 25, 2005)
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