DTAC-True telecom merger faces delay, Norway's Telenor says

DTAC-True telecom merger faces delay, Norway's Telenor says

Logos of True Corporation and DTAC Public Company Limited are seen at a department store in Bangkok, Nov 22, 2021. (Reuters file photo)
Logos of True Corporation and DTAC Public Company Limited are seen at a department store in Bangkok, Nov 22, 2021. (Reuters file photo)

The planned merger of telecoms firms DTAC and True Corporation will not take place as planned this year, but may still go ahead in the first quarter of 2023, DTAC's majority owner Telenor said on Tuesday.

Plans for a new industry leader in Thailand, with a market share of more than 50% of mobile subscribers, have been held up over competition concerns since they were announced in November last year.

The plan originally set a one-year deadline for carrying out a voluntary tender offer that would allow the $8.6 billion merger to go ahead, but this condition was not met, Norway's Telenor said in a statement.

The Norwegian firm said it however still believed in the benefits of a deal, and that it continued to actively support an amalgamation of DTAC and CP Group's True.

"The parties aim to complete the transaction within the first quarter of 2023," it said. 



Do you like the content of this article?
COMMENT (1)

Making a point

Points deduction system for traffic violations will begin on Jan 9, with the loss of all points resulting in a 90-day suspension of drivers’ licences.

18:42

China mourns Jiang as funeral planning begins

BEIJING: Mobile apps and state media websites turned black-and-white, flags on some government buildings in Beijing were at half-mast, and flowers were laid on Thursday as China mourned the death of former leader Jiang Zemin.

17:48

Indicted in court

A policewoman whose alleged abuse of her soldier-maid made headlines three months ago, and her boyfriend, arraigned on charges including human trafficking.

17:21