Singapore Telecommunications (SingTel) has tried to inject fresh vigour into its bid for Cable & Wireless Optus, saying the deal made commercial sense while dubbing arbitrage traders who had contributed to selling pressure against its stock as 'vultures'.
SingTel president and chief executive officer Lee Hsien Yang said the markets' poor reaction to the proposed tie-up had obscured the inherent value of the move, which was unveiled last week.
'I think that a lot of attention has been focused on the stock market and it is easy to forget that beneath the whole transaction is Optus, a highly successful company in Australia,' Mr Lee said.
He added later: 'Traders are like vultures. They will do what they will do.'
The comments form part of an intense lobbying effort by SingTel executives to convince institutional investors of the deal's wisdom.
Since it was announced, SingTel shares have slumped by about 25 per cent.