China Netcom
Although PCCW's substantial shareholder China Netcom had earlier expressed objection to any disposal of key assets to foreign groups, it also refused to increase its stake; Richard Li attempted to exit from the business in 2006. Li received competing offers by two consortia led by Australia's Macquarie Bank and private equity firm Texas Pacific Group/Newbridge submitted expressions of interest last month to acquire PCCW's core telecom and media assets.