Vodafone, Hutchison Whampoa Affirm Australia JV Commitment

Vodafone Group (VOD) and Hutchison Whampoa Ltd. (HUWHY) reiterated a commitment to their Australian joint venture Wednesday, amid local media reports that said they were seeking buyers for it.

The two companies also said they appointed Bill Morrow, the former boss of Clearwire Incorporated, as chief executive of the JV, known as Vodafone Hutchison Australia. Morrow replaces Nigel Dews.

"We are strongly committed to Australia," Vodafone Group's chief executive for Africa, Middle East and Asia Pacific, Nick Read said in a statement. "We'll continue to back our business here as it makes the significant investments needed to build the network of the future."

Hutchison Whampoa Group's finance director, Frank Sixt, said Vodafone Hutchison Australia is an important part of the company's global telecommunications portfolio.

The Australian newspaper reported last week that a preliminary information memorandum to test market reaction to a sale of the business was circulated to cashed-up telcos and sovereign wealth funds in Asia, the Middle East and elsewhere. Qtel, Etisalat, Korea Telecom, NTT Docomo and China Telecom, had seen the initial sales document, the newspaper said, citing an industry source.

-By Rebecca Thurlow, Dow Jones Newswires; 61-2-8272-4679; [e-mail]