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True-DTAC Merger Faces Delay
BANGKOK (NNT) – DTAC majority owner Telenor has said a planned merger of Thai telecom firms DTAC and True Corporation will not take place as planned this year but may still go ahead in the first quarter of 2023.
Plans for a new industry leader in Thailand, with a market share of more than 50% of mobile subscribers, have been held up over competition concerns since they were announced in November last year.
The plan originally called for a voluntary tender bid to be made within a year in order to proceed with the US$8.6 billion merger, but this need was not met, according to Telenor of Norway.
Equal ownership target
The Norwegian group claimed it was still in favor of a merger and that it was still actively in favor of DTAC and CP Group’s True coming together.
“Telenor and CP Group continue to target an equal ownership share of around 30% of the merged company.”
Norway’s Telenor
Telenor last month said it would seek clarifications from Thailand’s telecoms regulator over conditions imposed on the deal, including a price ceiling, price controls, cost structure verifications, and other measures.
When asked whether the deal was at risk, Telenor Chief Executive Sigve Brekke on October 26 told Reuters that his company was “engaging in a dialogue with the regulator to better understand the conditions and what they entail.”
Information and Source
- Reporter : Paul Rujopakarn
- Rewriter : Tarin Angskul
- National News Bureau : http://thainews.prd.go.th
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