HONG KONG-- PCCW Ltd. said Monday it withdrew from discussions
to purchase a stake in video-streaming site Dailymotion from Orange
SA after the French economy minister spoke out in opposition to the
bid from the Hong Kong-based telecommunication company.
"[A]n environment where policies appear to favour a French or
European solution is discouraging for international business
participation," PCCW said in a statement. "We will therefore
withdraw from our discussions with Dailymotion and its current
owners."
PCCW, the telecom company controlled by Richard Li, the son of
Hong Kong tycoon Li Ka-shing, made an offer to buy a 49% stake in
the video-streaming site that would have valued Dailymotion at
about EUR250 million ($264.5 million) including debt, a person
familiar with the situation said in March.
Write to Rick Carew at rick.carew@wsj.com
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