TPG Telecom shares drop 11 pct after it misses Leighton asset sale

SYDNEY Wed Feb 20, 2013 12:04am EST

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SYDNEY Feb 20 (Reuters) - Shares in Australia's TPG Telecom Ltd plummeted as much as 11 percent after the company missed out on the sale of assets by Leighton Holdings Ltd .

Leighton said on Wednesday it was in exclusive negotiations to sell 70 percent of its telecommunication assets, including its NextGen Networks fibre-optic business, to Canada's Ontario Teachers' Pension Plan in a deal worth A$885 million ($916 million).

TPG had been in the final round of bidding with the Canadian fund.

Its shares were down 9 percent at A$2.54 at 0500 GMT after earlier falling as low as A$2.46.