SingTel's bid to purchase Optus soured by leak

<p>SYDNEY: Australian terrestrial television operator Network Seven </p><p>has emerged as a potential buyer for Cable & Wireless Optus' satellite </p><p>and multimedia operations, after a leaked document highlighted its </p><p>concerns about the company's sale to Singapore Telecommunications. </p><p><BR><BR> </p><p>Network Seven made a submission to Australia's Foreign Investment Review </p><p>Board (FIRB) that spoke of its "grave concerns" over SingTel's Adollars </p><p>8.9 billion (USdollars 4.6 billion) cash and share offer to buy Optus, </p><p>which is still under review by regulators. </p><p><BR><BR> </p><p>Some media commentators in the country have suggested that the document </p><p>was leaked as part of Network Seven's plans to buy the satellite and </p><p>multimedia operation, which also includes a pay-TV platform that </p><p>currently reaches around 225,000 Australian homes. </p><p><BR><BR> </p><p>The leaking of the supposedly highly confidential document came just </p><p>days after it was submitted to FIRB, communications minister Richard </p><p>Alston, Prime Minister John Howard's office and the Treasury. </p><p><BR><BR> </p><p>Network Seven has publicly denied that it was the source of the </p><p>leak. </p><p><BR><BR> </p><p>Concerns had been raised earlier this year that if the sale went </p><p>through, SingTel would have control of a telecommunciations satellite </p><p>operated by Optus which is also used by Australia's military. </p><p><BR><BR> </p>

by | 06/22/2001