CK Hutchison, Ooredoo extend merger talks in Indonesia

CK Hutchison, Ooredoo extend merger talks in Indonesia

The multinational conglomerate CK Hutchison Holdings announced that it has agreed with the Indonesian telecommunications provider Indosat Ooredoo to extend the period to pursue negotiations on a potential transaction to combine PT Hutchison 3 Indonesia, a subsidiary of the Company, and PT Indosat TBK, a subsidiary of Ooredoo, on an exclusive basis. 

This will be the final such extension that will run until midnight, Hong Kong time, on 23 September.

According to a press release from the Hong Kong-based and Cayman Islands-registered CK Hutchison Holdings, the parties continue to progress their discussions, but additional time is needed to finalise definitive documents and, once finalised, seek their respective internal corporate approvals.

"Pending and subject to finalisation of definitive agreements and the required corporate approvals, no decision has been taken to proceed with any transaction," said the release.

CK Hutchison Holdings entered into an MOU with Ooredoo to combine their Indonesian telecommunications businesses end of last year. Both companies have prior to this signed an agreement to extend the exclusive period till 16 August 2021. The parties continue to progress their discussions, but additional time is needed to finalise definitive documents and, once finalised, to seek their respective internal corporate approvals.

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