Citic Telecom International Holdings Ltd confirmed it is talking to other shareholders of CTM over the proposed acquisition of a major stake in the company. In a statement sent to the Hong Kong Stock Exchange yesterday, Citic did not reveal if it is negotiating to buy Portugal Telecom’s 28 percent stake in the city’s largest telecommunications operator, our sister publication Business Daily reports today. The company said last month that it was in talks with CTM’s major shareholder, London-listed Cable and Wireless Communications Plc (CWC), about buying the 51-percent stake owned by the British firm.
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