Hutchison's Israeli representative Dan Eldar and Partner's current controlling shareholder Ilan Ben-Dov met Communications Minister Moshe Kahlon yesterday.
Hutchison Telecommunications International Ltd. (NYSE: HTX; HKSE: 2332) has outlined its plans for Orange franchisee to Minister of Communications Moshe Kahlon, in order to get his blessing for the taking back control of the company. Sources inform ''Globes'' that Hutchison's Israeli representative Dan Eldar and Partner's current controlling shareholder Ilan Ben-Dov met Kahlon yesterday.
The sources said that Hutchison has begun working with the Ministry of Communications to obtain its approval for the takeover of Partner. Although no problems are expected, as Hutchison was Partner's controlling shareholder before selling the mobile carrier to Ben-Dov three years ago, it was important for Hutchison to tell Kahlon that it was resuming operations in full.
Hutchison is buying back control of Partner by acquiring 75% of its parent company Scailex Corporation (TASE: SCIX; Pink Sheets:SCIXF) for $125 million from financially troubled Ben-Dov, after questions arose about his ability to repay the $300 million seller's loan that Hutchison lent Scailex to acquire Partner in the first place.
Published by Globes [online], Israel business news - www.globes-online.com - on July 4, 2012
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