Powertel confirms non-binding proposals

SYDNEY - Australian telecoms firm PowerTel said today it had received non-binding proposals from independent parties, in a response to media reports Telecom New Zealand may buy a stake in the company.

"PowerTel has received incomplete, non-binding and highly conditional confidential proposals from independent parties and has appointed external advisors to assist in the review of the proposals," it said in a statement.

Telecom said on Wednesday it was in talks with PowerTel.

- REUTERS