Hutchison Whampoa (China) has agreed to sell its remaining 20 percent stake in its Chinese joint venture Procter & Gamble-Hutchison Limited, for a cash consideration of US$2 billion. The 3G Newsroom quotes investment bank Nomura as saying that Hutchison Whampoa could walk away from its loss-making 3G mobile business by end 2006. However, Hutchison says that the two joint-venture partners decided in 1997 that P&G would acquire Hutchison's stake between 2007 and 2017. And this sale agreement only accelerates the sale of HWCL's remaining shareholding.
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