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Regulator approves merger of China Unicom and China Netcom

(Agencies)
Updated: 2008-10-09 16:50

China United Telecommunications Corp Ltd said it has received approval from the China Securities Regulatory Commission (CSRC) for the merger of Hong Kong-listed China Unicom and China Netcom.

Shanghai-listed China United Telecommunications indirectly controls Hong Kong-listed China Unicom.

In a statement filed with the Shanghai Stock Exchange, China United Telecommunications said the merger has received all needed approvals from the authorities. The deal now requires the backing of Hong Kong regulators.

Under the state-sponsored restructuring of the country's telecom industry, fixed-line operator China Telecom will pay 110 billion yuan to buy China Unicom's CDMA wireless network, becoming a full-service operator.

Meanwhile, China Unicom, which retains its GSM wireless network, is merging with the nation's other big fixed-line operator, China Netcom.

At the beginning of this month, China Unicom Ltd completed the sale of its CDMA mobile phone business to China Telecom.

The government is expected to implement "asymmetric regulations" to allow China Unicom and and China Telecom to consolidate their new status as full-service operators and compete effectively with China Mobile, which enjoys a huge lead in wireless services.