CyberWorks, C&W still in merger talks
Pacific Century CyberWorks is still in talks with Britain's Cable & Wireless on a possible merger with Cable & Wireless HKT despite market rumours suggesting they were near an agreement.
The rumours triggered highly volatile trading in CyberWorks shares yesterday, with the stock surging as much as 6.9 per cent, or $1.75, to an intra-day high of $27.10 in the morning.
However, the shares eased $1.30 later after CyberWorks denied a deal had been reached with Cable & Wireless, which owns 54 per cent of Hong Kong's dominant telecommunications operator.
The counter finished at $25.80, up 45 cents. HKT shares jumped $1.50 to $25.45.
CyberWorks issued a clarification to the stock exchange that talks were continuing on the proposed transaction but no further information was disclosed.
'No formal agreement has been reached and there have been no developments in relation to the proposed transaction,' it said.