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Rumor: Telecom Restructure Approved
China's State Council approved telecom restructure plans at a February 15 meeting and intends to announce their industry strategy soon, reports The Beijing News quoting an unnamed insider. According to the insider, China Netcom (NYSE: CN, 906.HK) and China Unicom (NYSE: CHU, 762.HK, 600500.SH) have begun exchanging company shares in preparation for their merger that will result in a "New Unicom" company. The insider said China Mobile (NYSE: CHL, 941.HK) would takeover China Tietong. At the end of January, the Southern Metropolitan News reported rumors that China Telecom (NYSE: CHA, 728.HK) would begin acquisition of China Unicom's CDMA business in late March and complete the deal by August, while both China Tietong would be merged with China Mobile parent China Mobile Communications Corp and China Netcom (NYSE: CN, 906.HK) would be merged with China Unicom in September.
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