Bell Atlantic, Nynex merger set to advance

Article Abstract:

The proposed $22 billion merger between Nynex and Bell Atlantic is dependent on the approval of New York State regulators, which are expected to give the go ahead on Mar 20, 1997. Several strings are likely to be attached to the regulator's approval, including a promise by Nynex to invest in its old telephone network and to improve its customer service. For the merger to take place, Bell Atlantic and Nynex must also gain the approval of the Justice Department and the FCC. The Justice Department is increasing its scrutiny of antitrust issues related to the merger. The delays prompted a drop in Nynex's stock, which lost $1.75 a share on Mar 19 closing at $43.375. Bell Atlantic also fell by $1.75, and closed at $68.375 a share on the NY Stock Exchange.

---

Merger of Nynex and Bell Atlantic clears U.S. hurdle; no antitrust objection; justice department overrides foes of a $22 billion deal to create phone giant

Article Abstract:

The US Department of Justice has decided that the proposed merger between Nynex and Bell Atlantic will not violate any antitrust laws. The Justice Department began the nine month investigating of the merger in July 1997. The Department's decision overrode the objections of a number of state officials as well as consumer advocates. Dennis C. Vacco, the Attorney General of NY, who had firmly opposed the deal and threatening legal action, announced that he would no longer attempt to block the merger. The FCC still must give its approval, but it is assumed the FCC will act in accordance with the Justice Department. The combined company will be based in New York and service the District of Columbia and 13 states, with a total of 39 million customers.

United States. Department of Justice, Telecommunications Industry

---

2 phone companies deny report on 10,000 job cuts

Article Abstract:

Bell Atlantic and Nynex have denied reports that their merger will result in 10,000 layoffs. A senior executive at Bell Atlantic has stated that the companies are aiming to create $800 million in cost savings over a three year period rather than the $600 million it had originally anticipated. Part of the additional $200 million may be gained by eliminating more than the 3,000 jobs that the companies had originally planed to phase out. The Wall Street Journal has reported that the companies will cut at least 10,000 by 2002 and that the total layoffs would eventually reach 15,000. Bell Atlantic has stated that reason for the disparity in the estimates for cost-cutting is that the companies had been very conservative in their orignal estimates.

Human resource management, Reorganization and restructuring, Local telephone services, Layoffs, Layoff, Local telephone service, Company Restructuring/Company Reorganization

Similar abstracts:

• Abstracts: Bell Atlantic, GTE hold merger talks; deal, for up to $55 billion, would create a giant in telecommunications
• Abstracts: Gates is defensive on U.S. antitrust action. Intel agreement indicates a rift with Microsoft. Small software company nears pact with Motorola; Be Inc. operating system for Mac clones
• Abstracts: Cisco's dominance gets new challenge by 3Com deal: networking leader has weak spots but plenty of ability to defend itself
• Abstracts: AT&T income down, with more of that foreseen. After nine months, AT&T president quits under pressure
• Abstracts: Justices weigh decency rules for the Internet. What level of protection for Internet speech? High Court weighs Decency-Act case

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.