China Mobile is expected to soon finalise a deal to buy Millicom International Cellular, a mobile phone operator focused on emerging markets, for about $5 billion. China Mobile will pay $48 for each of Millicom’s shares in cash. Millicom, which has more than 8 million subscribers in 16 countries, would be the biggest overseas acquisition ever by a Chinese company. The Chinese government has been encouraging overseas expansion by leading state companies under its “go global” policy, which aims to ensure it can compete with US, European and Japanese multinationals.
