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IN BRIEF / FINANCIAL SERVICES

U.S. Sues to Block Sale of Concord EFS

October 24, 2003|From Reuters

U.S. antitrust authorities sued to block First Data Corp.'s $7.1-billion purchase of Concord EFS Inc., arguing that it would lead to higher prices for certain debit card transactions.

The deal would reduce competition among financial networks that use personal identification numbers for purchases with debit cards, the Justice Department said.

News of the challenge sent Concord shares down $2.58, or 19%, to $11. Shares of Denver-based First Data rose 70 cents, or almost 2%, to $36.60. Both trade on the New York Stock Exchange.

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