March 13, 1999
AT&T Corp. got clearance from the Justice Department to buy IBM Corp.'s global communications network for $5 billion, with no conditions attached. AT&T says it could receive $2.5 billion in additional revenue in the first full year of operating the network.
March 28, 1997 |
Closing one of the worst flops in corporate-merger history, Quaker Oats Co. agreed Thursday to sell Snapple Beverage Corp. to Triarc Cos. for $300 million, only 27 months after Quaker spent $1.7 billion to buy the maker of trendy drinks. The Quaker-Snapple fiasco joins such ill-fated business marriages as AT&T Corp. and computer maker NCR and General Electric Co. and defunct brokerage house Kidder, Peabody & Co.
July 1, 2005 |
AT&T Corp. shareholders approved the company's $16-billion acquisition by SBC Communications Inc., which would create one of the world's largest phone companies. The merger has won regulatory approval in 26 states and still needs OKs from 10 additional states and the federal government. If it is approved, closing is expected late this year or early next year.
February 20, 2002 |
When an economic slowdown last year threatened to produce a gap between Global Crossing Ltd.'s first-quarter sales figures and the numbers it had promised Wall Street, the ambitious telecommunications giant didn't want to disappoint. Global Crossing made the numbers, but now the company stands accused of using aggressive--and potentially fraudulent--accounting techniques to inflate its sales and earnings figures.
April 23, 1998 |
AT&T Corp. said Wednesday that software problems with one of its switches caused last week's outage of its nationwide frame-relay network for high-speed data services. The No. 1 U.S. phone company said it has changed the procedure for upgrading switching software to prevent future outages. The frame-relay network, the largest of its kind in the U.S., shut down April 13, and some customers were without service as long as 26 hours.