EmailChina Unicom (CHU $14.15 +0.60) disclosed that it had agreed to acquire from Telefonica International (TEF) an aggregate of 1,073,777,121 shares in the Company, representing approximately 4.56% of the issued share capital of the Company as at the date of this announcement, at a price of HK$10.21 per Share. Completion of the acquisition is conditional upon the relevant PRC regulatory approvals for the acquisition having been obtained and completion is expected to occur by no later than the end of July 2012. The Company has also been informed that Telef?nica has undertaken that for a period of 12 months from the date of the Agreement, it shall not, directly or indirectly, sell, transfer or dispose of any of the Shares held, directly or indirectly, by it as at the date of the Agreement, save for any transfer of Shares pursuant to the Agreement or to any of its affiliates.
As at the date of this announcement, companies controlled by Unicom Parent hold in aggregate approximately 71.97% of the issued share capital of the Company (which includes the approximately 0.96% shareholding in the Company which is held by a wholly-owned subsidiary of Unicom Parent as trustee on behalf of a shareholder in the People's Republic of China). Immediately following the completion of the acquisition, companies controlled by Unicom Parent will hold in aggregate approximately 76.52% of the issued share capital of the Company (which includes the shareholding in the Company held by a wholly-owned subsidiary of Unicom Parent as trustee) and Telef?nica will hold approximately 5.01% of the issued share capital of the Company. Mr. Cesareo Alierta Izuel, who is the Chairman of Telef?nica S.A., will remain as a Director of the Company.
