National Business Daily, 6/04/08
According to China Telecom (NYSE: CHA; 0728.HK) company secretary, Weng Shunlai, purchase of China Unicom's (NYSE: CHU; 0762.HK; 600050.SH) CDMA network will be effectively complete at the end of September, with all details to be taken care of by the end of November.
According to China Telecom's statement on the purchase, China Unicom's Unicom Huasheng and Macau Unicom subsidiaries are not included in the purchase. Weng and China Unicom's corporate communications director Cao Xuhui have both said that negotiations are continuing on this point.
Editor's Note: Under the terms of the agreement between China Telecom and China Unicom, payment for the CDMA business is to be made in three installments: the first, accounting for 70% of the total, is to be paid in cash on the day of the transaction; the second, also a cash payment, accounting for 20%, is to be made three days after the transaction; and the third, accounting for 10% of the total, is to be paid in cash no later than March 31, 2009.