PCCW privatization proceeds

Richard Li, chairman and part owner of Hong Kong carrier PCCW, and fellow PCCW shareholder China Netcom are looking to acquire the 52 percent or so of PCCW that they do not already own, in an effort to privatize the company. The move has been broadly criticized by observers that say the company should remain public, and investors that say the $2 billion privatization bid is not enough.

PCCW was among the first telcos worldwide to gain major market share as a TV service provider, but the company has otherwise struggled, and a recent attempt to sell a stake in a combined telecom and media spin-off failed.

For more:
- The Wall Street Journal has coverage
- Light Reading reports