May 1, 2003 -- (WEB HOST INDUSTRY REVIEW) -- Hutchison Telecommunications Limited (hutchison-whampoa) said yesterday it had decided to withdraw its proposed acquisition of a 30.75% stake in Global Crossing Ltd (globalcrossing.com).
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ST Technologies Telemedia Pte Ltd. (st.com.sg) will exercise its rights to acquire Hutchison Telecommunications? planned stake in a newly constituted Global Crossing, pursuant to the terms of the purchase agreement between Hutchison, Singapore Telemedia and Global Crossing.
According to the company, it has decided to withdraw from the transaction because the acquisition of Global Crossing is not a core element of its global telecommunications strategy.
The three parties continue to work together in an effort to consummate a transaction, the company said.
Global Crossing is currently under bankruptcy protection, and expects to emerge from bankruptcy as a newly organized company some time this year.
Hutchison Telecommunications Limited is a wholly owned subsidiary of Hutchison Whampoa Limited (HWL). HWL is a multinational conglomerate with businesses spanning 41 countries.
