Huawei in talks to buy British partner Marconi
An AP newswire article, via The Mercury News, reports that:
Huawei Technologies Co., China's biggest maker of telecommunications equipment, is considering buying Britain's Marconi Corp. PLC in the latest foreign takeover bid by a Chinese company, news reports said.
The deal could be worth 560 million British pounds, or $1 billion, the Sunday Times of London reported. The talks also were reported by the Financial Times, which said analysts don't believe Marconi can survive as an independent company.
Marconi shares surged 17 percent on the reports, rising 45 pence to 312 pence ($5.55) on the London Stock Exchange.
The news comes less than a week after state-controlled Chinese oil company CNOOC Ltd. gave up its $18.5 billion bid for U.S. oil and gas producer Unocal Corp.
Chinese companies have launched a series of takeover bids abroad as they try to establish a role among leading global players in industries ranging from computers to energy.
Huawei didn't respond Monday to requests for comment faxed to its headquarters in the southern Chinese city of Shenzhen.
posted by Fergie @ 8/08/2005 06:50:00 AM
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