A proposed merger between Far EasTone Telecommunications Co (遠傳電信) and KG Telecommuni-cations Co (和信電訊) that would have produced the nation's second largest mobile service operator was called off yesterday.
KG Telecom said that Far Eas-Tone had failed to come up with a detailed plan for the merger.
The two companies signed a letter of intent on July 17. Under the agreement, Far EasTone, the nation's third largest mobile-phone service carrier, would spend about NT$30 billion in a cash-and-stock swap to acquire KG Telecom, the fourth largest.
Far EasTone originally hoped to complete due diligence on KG Telecom by last week before officially taking over the latter's business. But Far EasTone recently informed KG Telecom that it hoped to postpone the merger without explaining why.
In response, KG Telecom asked Far EasTone to propose a new plan by Thursday to be discussed at KG Telecom's board meeting that day.
"Since they failed to respond to our request on time, we decided not to continue the partnership with them," KG Telecom said in a statement.
Leslie Koo (
Far EasTone could not be reached for comment.
CIVILIAN SIGHTING: Fishers from Penghu County took a photograph of a Chinese guided-missile destroyer near the median line of the Taiwan Strait China sent 77 military aircraft around Taiwan over a two-day period ending yesterday morning, an uptick in its activity over the past few weeks. Forty-one Chinese military aircraft were detected in the vicinity of Taiwan in the 24-hour period that ended at 6am yesterday, with 23 crossing the median line of the Taiwan Strait and nine crossing its extension, entering the country’s northern, southwestern and eastern air defense identification zones (ADIZs), flight routes released yesterday by the Ministry of National Defense showed. Of the nine aircraft that crossed the median line’s extension, were seven fighter jets and two drones that flew around
ESCALATING TENSIONS: The US called for restraint and meaningful dialogue after Beijing threatened Taiwanese independence advocates with the death sentence The US on Monday condemned China’s “escalatory and destabilizing language and actions” toward Taiwan after Beijing last week announced new guidelines to punish supporters of Taiwanese independence. Asked about the guidelines, which included the death sentence for “diehard” independence advocates, US Department of State spokesman Matthew Miller said: “We strongly condemn the escalatory and destabilizing language and actions from PRC [People’s Republic of China] officials.” “We continue to urge restraint and no unilateral change to the status quo,” he said at the press briefing. The US urges China to “engage in meaningful dialogue with Taiwan,” Miller said, adding that “threats and legal
UNDER THE RADAR: Two US deputy assistant state secretaries visited Taiwan and met with foreign diplomats to discuss how to boost the nation’s international participation US officials who visited Taiwan earlier this week met with foreign representatives and told them that UN Resolution 2758 does not involve Taiwan nor should it be conflated with China’s “one China” principle, sources said yesterday. UN Resolution 2758 recognized the People’s Republic of China as the sole legitimate government of China in 1971. Beijing has been misrepresenting it to exclude Taiwan from the international organization and its affiliates. A representative to Taiwan, requesting anonymity, quoted the US officials as saying during a meeting that as long as it is not specified in UN Resolution 2758, “everything is feasible” with regard to
DEATH THREAT: A MAC official said that it has urged Beijing to avoid creating barriers that would impede exchanges across the Strait, but it continues to do so People should avoid unnecessary travel to China after Beijing issued 22 guidelines allowing its courts to try in absentia and sentence to death “Taiwan independence separatists,” the Mainland Affairs Council (MAC) said yesterday as it raised its travel alert for China, including Hong Kong and Macau, to “orange.” The guidelines published last week “severely threaten the personal safety of Taiwanese traveling to China, Hong Kong and Macau,” MAC Deputy Minister and spokesman Liang Wen-chieh (梁文傑) told a news conference in Taipei. “Following a comprehensive assessment, the government considers it necessary to elevate the travel alert to orange from yellow,” Liang said. Beijing has