Only last month I argued that China Mobile could not be considered to be a global brand, as it was mentioned in a prestigious top-10 list, since it lacked the ambition to go global. But things can change fast. Amy Gu writes today in The Standard that China Mobile purchased this month Nasdaq-listed Luxembourg-based Millicom International Cellular.
The company is active in mobile communication in Latin-America, Africa and Asia. That makes China Mobile suddenly an international company operating in 16 countries outside China.
No purchase price was disclosed, although the UK-based Financial Times reported in April that China Mobile Communications had offered US$4 billion (HK$31.2 billion), less than Millicom's US$4.9 billion market value at the time.
According to the source, China Mobile made only the second- highest offer, but won out after the top bidder, Beirut-based Investcom, dropped out of the process and agreed instead to be taken over by MTN Group of South Africa.
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