Hutchison May Limit Role in Global Crossing

Hutchison Whampoa Ltd., as part of a revised bid to win U.S. approval for its purchase of Global Crossing Ltd., may agree to limit its role managing the company, people familiar with the matter said.

A U.S. government committee had asked Hutchison, which is controlled by Hong Kong billionaire Li Ka-shing, and its partner, Singapore Technologies Telemedia, for assurances the acquisition of Global Crossing’s fiber-optic network won’t compromise national security.

Under the existing plan, approved by a Bankruptcy Court judge, the firms would have joint say over management. The parties are now discussing a plan in which Hutchison may act as silent partner, making an investment and vesting its management control in another party, people said.

Hutchison spokesman Steve Lipin said the process “is highly confidential and therefore we cannot comment.”

The Committee on Foreign Investments in the U.S., which is chaired by representatives of the Treasury Department and includes members of the State, Commerce and Justice departments, made the request for revisions.

Under a change being discussed, Hutchison would cede its four seats on Global Crossing’s board to independent directors, one of the people said.