鸡肋

Hong Kong tycoon Richard Li is leading a US$2bn effort to exert greater control over the business. Mr. Li's Singapore-listed holding company and state-run China Network Communications Group has offered to buy the part of Hong Kong fixed-line operator PCCW. they don't control for HK$4.20 a share, a 53% premium to its last closing price. The transaction, which values the entire company at HK$28.4bn, would cement Mr. Li's control over a company with a dominant position in Hong Kong's traditional landline telephone business (AWSJ, SCMP, FT).