Article Abstract:
The European Commission (EC) will conduct a full-scale investigation into the planned $115 billion merger between MCI WorldCom and Sprint Corp to ensure that the combined company will not solely control the world's Internet traffic. EC antitrust officials will be working with the Dept of Justice and said that a final ruling will released by Jul 2000. MCI WorldCom is confident that the merger will be approved and close within 2000.
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Article Abstract:
Deutsche Telekom of Germany has withdrawn its offer to buy Qwest Communications and U S West Communications Inc. The German telephone company did not like the existing merger terms between the two US firms that it was required to honor under the terms of the three-way merger. As a result, Qwest is forced to complete its merger with U S West. Deutsche Telekom is still looking for a major US acquisition.
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Deutsche Telekom has entered into an agreement to acquire VoiceStream Wireless in cash in stock valued at $50.7 billion. The merger between the two entities could become controversial due to its accompanying price tag. At the same time, some US legislators are cautious of the 58% stake of the German government in Deutsche Telecom. The transaction involves Deutsche Telekom paying 3.2 of its shares and $30 in cash for every share of VoiceStream.
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