Vodafone, Hutchison Whampoa Affirm Australia JV Commitment
March 20 2012 - 7:32PM
Dow Jones News
Vodafone Group (VOD) and Hutchison Whampoa Ltd. (HUWHY)
reiterated a commitment to their Australian joint venture
Wednesday, amid local media reports that said they were seeking
buyers for it.
The two companies also said they appointed Bill Morrow, the
former boss of Clearwire Incorporated, as chief executive of the
JV, known as Vodafone Hutchison Australia. Morrow replaces Nigel
Dews.
"We are strongly committed to Australia," Vodafone Group's chief
executive for Africa, Middle East and Asia Pacific, Nick Read said
in a statement. "We'll continue to back our business here as it
makes the significant investments needed to build the network of
the future."
Hutchison Whampoa Group's finance director, Frank Sixt, said
Vodafone Hutchison Australia is an important part of the company's
global telecommunications portfolio.
The Australian newspaper reported last week that a preliminary
information memorandum to test market reaction to a sale of the
business was circulated to cashed-up telcos and sovereign wealth
funds in Asia, the Middle East and elsewhere. Qtel, Etisalat, Korea
Telecom, NTT Docomo and China Telecom, had seen the initial sales
document, the newspaper said, citing an industry source.
-By Rebecca Thurlow, Dow Jones Newswires; 61-2-8272-4679;
rebecca.thurlow@dowjones.com
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