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The China Netcom Group has confirmed that its shareholders have given the go-ahead to its merger with China Unicom.

October 15, 2008
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The China Netcom Group has confirmed that its shareholders have given the go-ahead to its merger with China Unicom. The merger will be effective from October 2008, provided a Hong Kong court clears the deal. China Netcom will become a wholly owned subsidiary of China Unicom after the merger, and the enlarged company will be renamed China Unicom (Hong Kong) Company Limited. Chang Xiaobing, the current chairman of China Unicom, will be chairman of the enlarged company. The shareholders of China Unicom have also approved the sale of its CDMA operations to China Telecom for $6.41 billion. After the sale, China Unicom will have a single GSM-based mobile network and will become a full-service operator by inheriting China Netcom's fixed line business.

 
 
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