Hutchison makes $545 million offer to take HTIL private

Hutchison Whampoa on Friday made an offer for the 39.6% of Hutchison Telecommunications International Ltd HTIL that it doesn't already own, with the aim of making the mobile company a wholly owned subsidiary. Hutchison offered HK$2.20 in cash for each share, or the US dollar equivalent of HK$33 per American depositary share, which values the total offer at HK$4.23 billion $545 million, assuming all outstanding share options are exercised by the record date.

The proposed privatisation and delisting comes after HTIL, which is listed both in Hong Kong and New York, sold its controlling stake in India's third largest mobile operator, Hutchison Essar, to Vodafone in 2007 and its controlling...