U.S. Against Global Bid by ST Telemedia
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Singapore Technologies Telemedia’s proposed acquisition of Global Crossing Ltd. is being formally opposed by the U.S. Defense Department because of national security concerns, according to federal officials.
The Pentagon is concerned about foreign ownership of Global Crossing because it provides the U.S. with commercial and military Internet links.
The objection was conveyed July 11 in a letter to the Treasury Department, an official familiar with the letter said.
ST Telemedia said it wasn’t aware of the decision. The company, owned by the Singapore government, wants to buy a 61.5% stake in the troubled fiber-optic network operator for $250 million.
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