China Telecom Press Release, 5/25/08
As part of the Chinese telecom industry restructuring, China Telecom (NYSE: CHA; 0728.HK) has announced that it is currently discussing the potential acquisition of China Unicom's (NYSE: CHU; 0762.HK; 600050.SH) CDMA business. No timeline or pricing information for the acquisition has been decided upon and trading in the company's shares has been suspended while discussion is underway.
In addition, China Telecom has confirmed that China Unicom president Shang Bing, China Unicom VP Yang Xiaowei and China Unicom executive director Miao Jianhua have joined its management team.
Wang Xiaochu will remain as China Telecom's chairman and CEO, and Leng Rongquan will remain as the company's president and COO.