Business Services Industry
No surprises in watchdog's vigilant stand.
Australasian Business Intelligence, June, 2002
ABIX via COMTEX) -- Australian investors reacted mildly to news on 21 June 2002 that the Foxtel-Singtel Optus alliance had been rejected. According to UBS Warburg's media analyst, Nola Hodgson, no-one had expected the competition regulator to approve the deal. Shares in Optus's parent, Singapore Telecommunications, closed $A0.04 lower at $A1.33 after the news while Telstra, which owns 50 per cent of Foxtel, closed $A0.01 higher at $A4.59. While opponents of the arrangement welcomed the decision by the Australian Competition and Consumer Commission, regional pay television group, Austar, was disappointed. It hoped to benefit from cheaper Hollywood films.
Publication Date: 22 June 2002
FOXTEL: SINGTEL OPTUS PTY LTD: SINGAPORE TELECOMMUNICATIONS LIMITED...
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