Hong Kong’s Li Ka-shing is set to complete the reorganisation of his vast business empire this June after getting the nod from ports-to-telecoms conglomerate Hutchison Whampoa.
More than 99% of Hutchison’s shareholders voted in favour of merging…
Hong Kong’s Li Ka-shing is set to complete the reorganisation of his vast business empire this June after getting the nod from ports-to-telecoms conglomerate Hutchison Whampoa.
More than 99% of Hutchison’s shareholders voted in favour of merging with its parent company CK Hutchison Holdings (CKH) during a general meeting.
The next step in Li’s mega restructuring will see the combined group carve out its real estate assets into a separate company called CK Property, which is due to list separately on Hong Kong’s stock exchange on 3 June.
CKH will retain the group’s telecoms operations in 12 countries across Europe and Asia, and China’s richest man will be chairman of both companies.
In March, Hutchison Whampoa agreed a US$15.3bn binding deal to buy Telefonica’s mobile unit in the UK, where it already owns rival operator Three.
