Australia's TPG Telecom Ltd. reports 11 percent decline in shares after it missed out Leighton Holding Ltd.'s sale of telecommunication assets.
TPG was one of those who offered bids for the sale of Leighton assets and its shares declined by 9 percent at 2.54 AUS dollars after being defeated by the Canadian pension plan in acquiring the bid.
Recently, Leighton has announced its sale of 70 percent of its telecommunication assets to Ontario Teachers' Pension Plan in a 885 AUS dollar deal.
The telecommunication assets of the Australian contractor included the NextGen Networks fiber-optic business as well as two data businesses.
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