Pacnet, Pacific Fibre to build Australia-US cable

SYDNEY, July 28 (Reuters) - Pacnet, operator of an Asia-wide undersea cable network and Australia's Pacific Fibre said on Wednesday they plan to construct a $400 million fibre optic cable connecting the U.S. and Australia.

Pacnet Chief Executive Bill Barney also told reporters his company had no plans to bid for Telecom New Zealand's TEL.NZ AAPT unit and would also put its plans to list in the United States on hold until markets recovered. (Reporting by Michael Smith)