By Rick Carew
HONG KONG-- PCCW Ltd. said Monday it withdrew from discussions
to purchase a stake in video-streaming site Dailymotion from Orange
SA after the French economy minister spoke out in opposition to the
bid from the Hong Kong-based telecommunication company.
"[A]n environment where policies appear to favour a French or
European solution is discouraging for international business
participation," PCCW said in a statement. "We will therefore
withdraw from our discussions with Dailymotion and its current
owners."
PCCW, the telecom company controlled by Richard Li, the son of
Hong Kong tycoon Li Ka-shing, made an offer to buy a 49% stake in
the video-streaming site that would have valued Dailymotion at
about EUR250 million ($264.5 million) including debt, a person
familiar with the situation said in March.
Write to Rick Carew at rick.carew@wsj.com
Access Investor Kit for Orange SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=FR0000133308
Access Investor Kit for PCCW Ltd.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=HK0008011667
Access Investor Kit for Pacific Century Regional Developments
Ltd.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=SG1J17886040
Access Investor Kit for Orange SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US6840601065
Access Investor Kit for PCCW Ltd.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US70454G2075
Subscribe to WSJ: http://online.wsj.com?mod=djnwires