Huawei shelves mobile unit sales plan (Hong Kong)
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The global financial crisis has forced Huawei, Chinese telecommunications equipment maker, to shelve its plan to sell controlling stake in a business unit to a foreign investor. Huawei had hired Morgan Stanley to find a strategic partner to buy a majority stake in its mobile devices unit in a deal that had been expected to raise $2 billion for the Shenzhen-based group. However, several shortlisted bidders have abandoned their interest amid rising credit costs and declining growth prospects for the world economy. American private equity firms Bain Capital and Silver Lake were the only groups to submit their bids although reportedly, the offers made were about 25 per cent less than what Huawei wanted.
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