July 30, 1998 |
British Telecommunications, posting lower quarterly profit, said Wednesday that its $10-billion global joint venture with AT&T Corp. will not be the last this year and that it expects to cut 5,000 to 6,000 jobs by year's end. BT, which announced the deal with AT&T on Sunday, said its first-quarter pretax profit fell 18% to $1.2 billion after a leap in European start-up costs and surging interest charges. BT said it shed 2,000 jobs during the quarter at a cost of about $65.
July 27, 1998 |
In a bold bid to woo high-spending multinational firms and capitalize on the burgeoning Internet, British Telecom and AT&T Corp. said they would form a global joint venture to serve the communications needs of big business. The No. 1 European and U.S.
February 1, 1998 |
Yellow posters proclaiming "New Deal" gleam in the windows of the government job agency in the cheerless winter afternoon. Inside, Michelle Mason, who has seldom worked since leaving school, waits to learn if she's landed a part-time job in a pet shop that pays about $115 a week. "If I don't get this particular one, there's always something else around," she says vaguely. This time, what's around will be some very specific choices.
November 13, 1997 |
British Telecommunications said it will buy MCI Communications Corp.'s 24.9% stake in Concert Communications, the companies' international phone services venture. The companies have not agreed on a price. The move follows WorldCom Inc.'s plan to pay $7 billion in cash for British Telecom's 20% stake in Washington-based MCI as part of WorldCom's planned $37-billion acquisition of the No. 2 U.S. long-distance company.
October 2, 1997 |
WorldCom Inc., until recently a little-known purveyor of long-distance phone service, on Wednesday launched an audacious bid of nearly $30 billion for MCI Communications Corp.--a deal which, if completed, would be the largest corporate merger in U.S. history. The bid appears likely to scuttle MCI's agreement to be acquired by British Telecommunications. But it is sure to face intense scrutiny from MCI management and shareholders as well as regulatory hurdles in Washington.
July 12, 1997 |
MCI Communications Corp.'s warning of unexpectedly steep losses from its push to enter the local phone market led to a 17% drop in its stock price Friday and triggered speculation that British Telecommunications may seek to renegotiate terms of its $25-billion acquisition of MCI. MCI shares plunged $7.38 to close at $35 on Nasdaq. British Telecom's U.S.-traded shares sank $5.25 to close at $76.31 on the New York Stock Exchange, a 6.4% drop. MCI, which has spent $1.
July 8, 1997 |
The Justice Department on Monday gave British Telecommunications permission to buy MCI Communications Corp., in a $24-billion deal that would be one of the biggest foreign takeovers of a U.S. company. But the department attached conditions to the deal about two months after European regulators took similar steps to help ensure competition. The deal now awaits a ruling by the Federal Communications Commission, whose officials have said they hope to complete their work by summer's end.
November 3, 1996 |
The boards of British Telecommunications and MCI Communications Corp. reached agreement Saturday on a merger deal, with the overseas phone giant acquiring America's No. 2 long-distance company for as much as $21 billion. The boards agreed on a cash-and-stock transaction worth between $36 and $38 a share, according to sources speaking on condition of anonymity. At $38, the deal would be worth $21 billion. At $36 it is about $1 billion less.
October 22, 1995 |
From his base in a tiny rented office on the southern fringe of this commercial center, Cliff Stice is a small cog in a big revolution. An executive of the American regional telephone company, US West, Stice works with a group of Flemish cable television companies in a joint venture--called Telenet Flanders--that is developing an alternative telephone system for Flanders, the Dutch-speaking region of Belgium. Telenet Flanders, and the $1.