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PCCW clarification sought

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Hong Kong Exchanges and Clearing (HKEx) on Thursday sought clarification on comments reportedly made by PCCW chairman Richard Li Tzar-kai that suggested a further approach could be made for Britain's Cable & Wireless (C&W).

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It is understood HKEx asked the troubled telecommunications company if it would make an offer for C&W at the end of a six-month cooling-off period required by the British Takeover Panel.

The request came after Mr Li suggested to London-based newspapers that he had not given up hope of acquiring C&W. Mr Li was quoted as saying 'never say never' in response to whether he would approach C&W again.

PCCW has been criticised after issuing different statements in London and Hong Kong last week on a takeover approach it made to C&W on December 31 last year.

On Monday, it said it had decided to make no further approach or offer to C&W, suggesting the outcome of another move would be 'unpredictable'.

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PCCW chief communications officer Martin O'Connor yesterday said he would not comment.

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