Hutchison Says We're All Still Missing The Point, Puts 3 Italy IPO On Hold
Hutchison Whampoa says it’s got no plans to take its Italian 3G unit public anytime soon, after getting hit with regulatory delays as well as a valuation that didn’t meet its expectations. For quite some time, Hutchison, its units and its managing director, Canning Fok, have been telling the media and the markets that people are misjudging 3, and trying to get them to view it as a media company rather than a mobile operator, or trying to get them to overlook some of its most significant costs. So despite the company’s claims that its value is being overlooked, it looks like the markets have won this argument for now.
