PCCW rejects two $7 billion-plus offers made by USA’s TPG Newbridge and Australia’s Macquarie Bank

PCCW, Hong Kong’s leading telecom company, has formally rejected two $7 billion-plus offers made by TPG Newbridge, a US private equity firm and Australia’s Macquarie Bank. The deal was for its core media and telecom assets. Both groups failed to secure the backing of state-controlled China Netcom ?? owning 20 per cent of PCCW ?? which publicly declared its opposition to the deal.