Shaw Brothers ends sale talks
Global financial crisis citedHONG KONG -- Shaw Brothers Ltd. has ended all talks regarding the sale of a controlling stake in its television assets, valued at around HK$10 billion ($1.29 billion) when announced in May.
Since May, Shaw, which owns a controlling stake in Television Broadcasts Ltd., Hong Kong's largest broadcaster, was approached by a number of potential buyers for takeover of its shares of TVB.
However, in a statement Tuesday to the Hong Kong stock exchange, Shaw said negotiations were terminated in view of the "present tumultuous situation in the financial markets."
Since July, when talk of a takeover by real estate tycoon Yeung Kwok-keung boosted Shaw Brothers shares to HK$24.3 each, shares have fallen sharply, hitting a low of HKD8.56 on Monday and closing at HK$9 on Tuesday.