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China Unicom And China Netcom Merge
September 17, 2008
China Unicom Ltd., one of China’s leading mobile telecommunications companies, and China Netcom Group Corp., a broadband and fixed-line telecommunications operator in China, have agreed to merge the two telecommunications companies. Once the deal is completed the new company will create the leading telecommunications service provider in China.
The proposed merger is expected to become effective on Oct. 15 2008. Thereafter, China Netcom will become a wholly-owned subsidiary of China Unicom and the listings of its shares on the Hong Kong Stock Exchange and its American Depositary Shares on the New York Stock Exchange will be withdrawn. China Unicom’s company name will also be changed to “China Unicom (Hong Kong) Limited.”
In order to make the merging of the two companies as smooth as possible, China Unicom and China Netcom have established a joint working group to lead the integration and to ensure efficient execution of the business strategies of the merged group. The majority of the integration work is expected to be completed one year after the merger becoming effective.
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