U.S. Reportedly Wants Bid for Global Revised

The U.S. government demanded assurances that a proposal by Hutchison Whampoa Ltd. and a partner to buy a majority stake in network operator Global Crossing Ltd. would not compromise national security, people familiar with the matter said.

Hutchison, owned by Hong Kong billionaire Li Ka-shing, and government-controlled Singapore Technologies Telemedia must resubmit their proposal to buy a 61.5% stake in Global Crossing for $250 million after the Committee on Foreign Investments in the U.S. said it needed more evidence that Global’s 27-nation fiber-optic network would remain secure, the sources said.

The decision may delay the acquisition by several weeks and present an opportunity for other companies to make offers for the network. IDT Corp., a Newark, N.J., company that owns part of Internet telephone provider Net2Phone, said it plans to submit a $255-million bid.