Release for Embargo 30 April 2003, 2400 hours - Hong Kong
(Hong Kong and New York, 30 April 2003) Hutchison Telecommunications Limited today announced that it has decided to withdraw on 30 April, 2003 its proposed acquisition of a 30.75% stake in Global Crossing Ltd. Pursuant to the terms of the purchase agreement between Hutchison, Singapore Technologies Telemedia Pte. Ltd. and Global Crossing, ST Telemedia will exercise its rights to acquire Hutchison Telecommunications' planned stake in a newly constituted Global Crossing.
Despite working closely with the relevant authorities in the U.S. to address regulatory concerns, it has not been possible to reach agreement on an appropriate structure that is fully satisfactory to all parties concerned within a reasonable investment time frame. Given that the acquisition of a minority stake in Global Crossing is not core to Hutchison's global telecommunications strategy, it has decided to withdraw from the transaction at this juncture.
Global Crossing and ST Telemedia and their management teams have worked diligently with Hutchison in attempting to consummate this transaction. Going forward, Hutchison hopes that Global Crossing can consummate an agreement with ST Telemedia and emerge successfully from bankruptcy.
Additional Notes to The Editors:
About Hutchison Telecommunications Limited
Hutchison Telecommunications Limited (HTL) is a wholly owned subsidiary of Hutchison Whampoa Limited (HWL). HWL is a multinational conglomerate with businesses spanning 41 countries. With over 150,000 employees worldwide, Hutchison operates and invests in five core businesses: ports and related services; telecommunications; property and hotels; retail and manufacturing; and energy and infrastructure. Its flagship companies include Hutchison Port Holdings, Hutchison Telecom, Hutchison Whampoa Properties, A. S. Watson, and Cheung Kong Infrastructure. In 2002, HWL's consolidated revenue was HK$111,129 million (US$14,247 million).
For more information, please visit www.hutchison-whampoa.com
For media inquiries, please contact
Hutchison Whampoa Limited
Laura Cheung
Pager: (852) 7318 4778
Fax: (852) 2128 1766
Brunswick Group
Steven Lipin
Tel: (212) 333-3810
Fax: (212) 333-3811
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