Investors circle PCCW, reports

A Hong Kong investor is looking to purchase phone operator PCCW, according to reports in The South China Morning Post. The investor is expected to announce a $1.35bn offer for the controlling stake in PCCW sometime today.

According to other reports, the firm’s board met Monday on the potential sale. Details were not available.

The Australian Macquarie Bank as well as Texas Pacific Group have both already made offers for PCCW at $7.3bn and $7.55bn respectively.

However, China Netcom Group objected to the purchase, arguing that PCCW should remain under local control.

More as this story develops