C&W Optus confirms proposals

Telecom New Zealand (NZSE: TEL) is one of the parties interested in buying part of the company. The others are Singapore-based telco SingTel and global mobile phone giant Vodafone.

Australian media reports have given the inside running for the purchase to SingTel, but ever since the start of the Optus sale proposal there has been little firm information coming from any of the parties involved in the process.

Even today's announcement has been short and sweet, with C&W Optus simply saying it has received revised proposals from interested parties as part of its ongoing strategic review.

"Discussions with these parties are continuing. The discussions are confidential and incomplete. No formal takeover offer has been received."

The company says it will make further announcements at an appropriate time.

SingTel is the favoured suitor in the sale because of its access to funds and lack of regulatory issues.

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