More than a few people were disappointed with the news last March that a potential venture between conglomerate San Miguel Corp. and Australia’s Telstra Corp. Ltd. fell apart.
The partnership promised a strong contender to the five-year duopoly of Philippine Long Distance Telephone Co. and Globe Telecom, and carried an almost messianic-style solution to the slow and expensive Internet woes in the Philippines.
It did not push through as both parties failed to “come up with an acceptable resolution to some issues.”
It later emerged that Australia’s giant telco had sought and failed to get a guarantee for a refund of its investment from San Miguel, whose prized 700 megahertz frequency is being eyed by incumbent players.
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