China’s second-largest mobile operator, China Unicom, last week announced a €36 billion merger with fixed-line giant China Netcom. It is the latest step in a far-reaching government overhaul of China’s fast growing and increasingly profitable telecoms sector.
The massive reshuffle, by some estimates the biggest industrial restructuring of all time, will see the six current mobile and fixed-line carriers split apart. They will be reassembled into three colossal full-service companies that...
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