Billionaire Li’s Victory in Italy Snaps String of Deal Setbacks

September 1, 2016 10:34 AM

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The approval of billionaire Li Ka-shing’s plan to merge his Italian telecommunications assets with those of VimpelCom Ltd. snaps a string of setbacks the Hong Kong tycoon has faced in the past year and paves the way for him to turn around his least profitable market in Europe.

In the agreement, 3 Italia SpA -- a unit of Li’s flagship CK Hutchison Holdings Ltd. -- and Vimpelcom’s Wind Telecomunicazioni SpA would merge, with the two parents each owning 50 percent stakes. The Hong Kong company has previously valued the total value of deal at 21.8 billion euros ($24 billion),...

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