China Netcom Press Release, 6/02/08
Details regarding the planned merger of China Unicom (NYSE: CHU; 0762.HK; 600050.SH) and China Netcom (NYSE: CN; 0906.HK) have been announced, with each share of Netcom to be exchanged for 1.508 shares of Unicom, and each American Depository Share (ADS) of Netcom to be exchanged for 3.016 ADSs of Unicom. Based on the closing price of Unicom shares before they were suspended from trading, the total consideration of the merger will be approximately HKD 439.167 bln.
Both Unicom and Netcom have made an application to the Hong Kong Stock Exchange to resume trading, from 9.30am on June 3 (Hong Kong time). It is expected that trading of the companies' ADSs will also resume on the New York Stock Exchange on June 2 or 3, New York time.
To see the full details of the announcement, please click here.