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US will not block Global Crossings deal
AFP, WASHINGTON
Monday, Sep 22, 2003, Page 10
US President George W. Bush will not block Singapore Technologies Telemedia Pte's bid for Global Crossing Ltd, the White House said Saturday.
The White House supplied a statement from Bush, saying his decision is "to take no action to suspend or prohibit the proposed 61.5 percent investment by Singapore Technologies Telemedia Pte Ltd, a company indirectly owned by the government of Singapore, in Global Crossing Ltd."
Singapore Technologies Tele-media offered US$250 million for 61.5 percent of the bankrupt fiber-optic cable firm and take control of its 100,000-km fiber-optic network, which spans 27 countries.
In July Singapore Prime Minister Goh Chok Tong (§d§@´É) wrote to US Vice President Dick Cheney, urging the US to allow Singapore Technologies Telemedia to buy Global Crossing after the Pentagon told the US Department of Treasury it objected to the acquisition.
The Pentagon is concerned about foreign ownership of Global Crossing because the company's fiber-optic network provides the US with commercial and military Internet links.
On April 30, Hutchison Whampoa Ltd (©M°O¶À®ú) withdrew its joint offer with Singapore Technologies Telemedia, the same day it learned of a US inquiry into Hutchison Whampoa's suspected links with the Chinese government.
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