Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search


Telecom Scotches Report of AAPT Offer

Telecom Scotches Report of AAPT Offer, Remains ‘Committed’

Dec. 2 – Telecom Corp., New Zealand’s biggest phone company, scotched reports it has been approached by Pacnet with an offer of US$420 million for its AAPT unit in Australia.

Pacnet, formed from the merger this year of Asia Netcom and Pacific Internet planned to finance the offer with cash and equity, Reuters reported, citing a person close to the situation.

The report is “purely speculative” and Telecom remains committed to AAPT, spokesman Mark Watts told BusinessWire.

AAPT has battled Telstra, Australia’s biggest telco, and Optus, the local unit of Singapore Telecommunications, for market share. Telecom has slashed the value of the business by more than NZ$2 billion to NZ$270 million sionce acquiring AAPT in 1999.

Reuters said Pacnet was interested in AAPT to complete its Asia-wide reach prior to a potential IPO next year.

Telecom has predicted little profit growth in the next few years because of increased investment in infrastructure, intense rivalry with competitors such as Vodafone Group. Costs have risen after the government ordered Telecom to separate its wholesale and retail divisions to foster more competition.



© Scoop Media

Top Scoops Headlines


Scoop HiveMind Project: Universal Basic Income - Are We Up For It?

This is an opportunity for you as one of the 4 million potential funders and recipients of a Universal Basic Income to collectively consider the issue:
1. Is UBI is a desirable policy for New Zealand; and
2. How should a UBI system work in practice. More>>


Lyndon Hood: National Announces Plan To Hit Youth With Big Mallets

The National party has announced its youth justice policy, which includes a controversial plan for recidivist serious youth offenders to be hit over the head with a comically large rubber mallet. More>>


Lyndon Hood: This ->

It's been brought to my attention that Labour's new campaign slogan is "Let's do this". A collective call to action. A mission. I myself was halfway out of the couch before I realised I wasn't sure what it was I was supposed to do. More>>


Scoop Hivemind Report: What New Zealanders Think About Affordable Housing

Ordinary citizens have had very few venues where they can debate and discuss as to what they believe has led to the crisis in affordable housing and how we might begin to address this. The HiveMind on affordable housing was about redressing the balance. More>>


New Hivemind Exploration: Opening The Election - Freshwater Quality

This is an opportunity for you as one of the 4 million guardians of our common water resources to help us find mutually agreeable solutions to the critical task of collectively managing these resources for health and sustainability. More>>