The Hong Kong business group Hutchison Whampoa announced that it has started “exclusive negotiations” with Teléfonica to buy its British subsidiary mobile phone, O2 , for “target price” of 9000 250 million pounds (about 12 thousand 240 million euros).
In a communication to the Stock Hong Kong , Hutchison Whampoa said that negotiations with the Spanish firm now owns O2, would extend for several weeks and could not result in an agreement.
Hutchinson’s shares were suspended from trading this morning, before the completion of the ad.
The announcement added that, if the transaction closes, Huchison Whampoa could pay another billion pounds in case the total cash flow of Hutchison 3G UK and O2 UK reach “an agreed threshold.”
Hutchison Whampoa is a business conglomerate based in Hong Kong and dedicated to sectors such as ports, logistics, energy, telecommunications, hotels, retail and infrastructure.
It is chaired by billionaire Li Ka-shing , considered the richest man in Asia and the number 14 in the world, with an estimated 35 billion fortune, according the list of billionaires of the journal Forbes .
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