AT&T alters a key term in TCI deal; plan to issue new stock now seen as unneeded
Article Abstract:
AT&T changed its plans concerning the acquisition of Tele-Communications Inc. stating they were no longer planning to issue new stock for companies acquired in the cable industry. AT&T has been concerned that investors might not understand how the telecommunication and cable company would work together and had announced their intention to issue shares for different parts of the company. However, after AT&T has announced their bids to acquire several small cable companies, it set off a stock rally for AT&T shares. Since demand for AT&T stock is high, company executives have decided to repurchase their own stock and not issue separate shares.They now believe investors will appreciate AT&T's opportunity to offer consumers services using both cable and telecommunications technology.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1999
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Cable and Wireless ends venture with Veba
Article Abstract:
The German telecommunications alliance between Cable and Wireless and Veba was broken when Cable and Wireless decided to directed its focus on the telecommunications market in Great Britain and on the continent, rather than on Germany as Veba plans to. Vebacom was formed by the two companies in 1994, and with Cable and Wireless's departure Vebacom will be left with only Veba and RWE in the venture. The two companies are currently seeking a third international partner with similar priorities. Cable and Wireless received $1.3 billion for its share in Vebacom, and Veba plans to retain its 10.4% stake in Cable and Wireless. News reports have suggested Cable and Wireless are interested in joining the Global One venture with Deutsche Telekom, France Telecom and Sprint.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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Bell Atlantic says approval near for merger with Nynex
Article Abstract:
The Justice Department has informed Bell Atlantic that it will probably not block the company's merger with Nynex. The acting chief of the Justice Department's antitrust division, Joel Klein, has been strongly opposed to the proposed merger. The department has been investigating the merger to determine if it would stifle competition. Klein's acknowledgement that his department does not have sufficient evidence to pursue a legal challenge is the first indication of whether the companies would be sued to stop the merger or the Justice Department would approve the $22 billion deal. The FCC also is required to approve the deal before it can go through, but it is believed once the Justice Department gives its approval, the FCC will follow suit.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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