China Netcom, China Unicom Merger Completed, Biggest In Country’s History

From Xinhua:

China Netcom Group Corporation (Hong Kong) Limited was fully incorporated into China Unicom Limited here on Wednesday, creating the new China Unicom (Hong Kong) Limited.

Netcom’s shares on the Hong Kong Stock Exchange and its American Depositary Shares on the New York Stock Exchange were delisted.

The merger marked the end of the country’s telecom restructuring in the capital market since numerous ministries jointly decided in May to reorganize the telecom industry.

The deal involved a share swap of 1.508 new Unicom shares for every Netcom share, and 3.016 new Unicom American Depositary Shares (ADS) for every Netcom ADS, according to the August agreement by the two companies.

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