China Netcom plans to delist its shares from the Hong Kong stock exchange on October, following the planned merger with China Unicom, a Reuters report said.
China Netcom said it also plans to withdraw its American Depository Receipts from the New York Stock Exchange, the Reuters report said, quoting a statement.
The statement also said China Netcom's minority shareholders will meet on September 17 to vote on the merger plan.
Under the proposed merger of wireless carrier China Unicom and fixed-line operator China Netcom unveiled in late June, each existing China Netcom share will be swapped for 1.508 new China Unicom shares, while each existing China Netcom American Depositary Share will be swapped for 3.016 new China Unicom ADSs.
China Unicom said it plans to issue up to 10.3 billion new shares for the transaction. After the merger, China Netcom will become a wholly owned unit of China Unicom.
Source:telecomasia.net
