A proposed merger between Far EasTone Telecommunications Co (遠傳電信) and KG Telecommuni-cations Co (和信電訊) that would have produced the nation's second largest mobile service operator was called off yesterday.
KG Telecom said that Far Eas-Tone had failed to come up with a detailed plan for the merger.
The two companies signed a letter of intent on July 17. Under the agreement, Far EasTone, the nation's third largest mobile-phone service carrier, would spend about NT$30 billion in a cash-and-stock swap to acquire KG Telecom, the fourth largest.
Far EasTone originally hoped to complete due diligence on KG Telecom by last week before officially taking over the latter's business. But Far EasTone recently informed KG Telecom that it hoped to postpone the merger without explaining why.
In response, KG Telecom asked Far EasTone to propose a new plan by Thursday to be discussed at KG Telecom's board meeting that day.
"Since they failed to respond to our request on time, we decided not to continue the partnership with them," KG Telecom said in a statement.
Leslie Koo (
Far EasTone could not be reached for comment.
The US government has signed defense cooperation agreements with Japan and the Philippines to boost the deterrence capabilities of countries in the first island chain, a report by the National Security Bureau (NSB) showed. The main countries on the first island chain include the two nations and Taiwan. The bureau is to present the report at a meeting of the legislature’s Foreign Affairs and National Defense Committee tomorrow. The US military has deployed Typhon missile systems to Japan’s Yamaguchi Prefecture and Zambales province in the Philippines during their joint military exercises. It has also installed NMESIS anti-ship systems in Japan’s Okinawa
‘WIN-WIN’: The Philippines, and central and eastern European countries are important potential drone cooperation partners, Minister of Foreign Affairs Lin Chia-lung said Minister of Foreign Affairs Lin Chia-lung (林佳龍) in an interview published yesterday confirmed that there are joint ventures between Taiwan and Poland in the drone industry. Lin made the remark in an exclusive interview with the Chinese-language Liberty Times (the Taipei Times’ sister paper). The government-backed Taiwan Excellence Drone International Business Opportunities Alliance and the Polish Chamber of Unmanned Systems on Wednesday last week signed a memorandum of understanding in Poland to develop a “non-China” supply chain for drones and work together on key technologies. Asked if Taiwan prioritized Poland among central and eastern European countries in drone collaboration, Lin
NO CONFIDENCE MOTION? The premier said that being toppled by the legislature for defending the Constitution would be a democratic badge of honor for him Premier Cho Jung-tai (卓榮泰) yesterday announced that the Cabinet would not countersign the amendments to the local revenue-sharing law passed by the Legislative Yuan last month. Cho said the decision not to countersign the amendments to the Act Governing the Allocation of Government Revenues and Expenditures (財政收支劃分法) was made in accordance with the Constitution. “The decision aims to safeguard our Constitution,” he said. The Constitution stipulates the president shall, in accordance with law, promulgate laws and issue mandates with the countersignature of the head of the Executive Yuan, or with the countersignatures of both the head of the Executive Yuan and ministers or
CABINET APPROVAL: People seeking assisted reproduction must be assessed to determine whether they would be adequate parents, the planned changes say Proposed amendments to the Assisted Reproduction Act (人工生殖法) advanced yesterday by the Executive Yuan would grant married lesbian couples and single women access to legal assisted reproductive services. The proposed revisions are “based on the fundamental principle of respecting women’s reproductive autonomy,” Cabinet spokesperson Michelle Lee (李慧芝) quoted Vice Premier Cheng Li-chiun (鄭麗君), who presided over a Cabinet meeting earlier yesterday, as saying at the briefing. The draft amendment would be submitted to the legislature for review. The Ministry of Health and Welfare, which proposed the amendments, said that experts on children’s rights, gender equality, law and medicine attended cross-disciplinary meetings, adding that
RSS