Priceline.com, the company that gave the world the unforgiveable image of William Shatner singing Freebird in its US ads, announced a new and welcome pair of investors in February. Hutchison Whampoa and Cheung Kong, the twin arms of Li Ka-Shing's all-conquering empire, invested US$50 million in the US-based internet company famed for allowing its customers to name their own price for goods and services. This is not the first venture between Li and Jay Walker, the founder of priceline.com: Hutch already has a joint venture with the US company in Asia. The acquisition of 24 million shares at US$2.10 per share gives Hutchison a seat on the priceline.com board, to be assumed by Ian Wade, group managing director of Hutch's AS Watson group. Hutch has also increased its interest in Hutchison-Priceline, the Asian venture, to 65%.
March 01, 2001