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BUSINESS
April 29, 2000
Other earnings, excluding one-time gains or charges unless noted, include: * Sempra Energy, parent of Southern California Gas Co. and other utilities, said its first-quarter earnings rose 14% to $113 million, or 49 cents a share, up from 42 cents, beating estimates of 44 cents. Revenue jumped 25% to $1.5 billion. * US West Inc., the telephone company being bought by Qwest Communications International Inc.
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BUSINESS
January 23, 1999
* Baby Bell US West Inc. said fourth-quarter operating profit rose 6.1% to $368 million, or 73 cents a share, matching forecasts, on a 7.8% increase in revenue, to $3.2 billion. Revenue from new data services, including high-speed Internet access, jumped 45% while sales of local services rose 10%.
BUSINESS
March 11, 2000 | Reuters
The Federal Communications Commission approved Qwest Communications International Inc.'s planned acquisition of Baby Bell US West Inc., subject to a planned divestiture of some long-distance customers. The merger, which had been under pressure from a now-abandoned bid by German carrier Deutsche Telekom, has already been approved by shareholders and the Justice Department, but several states in Denver-based US West's 14-state region continue to review the deal.
BUSINESS
December 10, 1991 | From Times Staff and Wire Reports
US West Cutting Staff: US West Inc. said it would reduce its work force by 6,000 and sell its real estate holdings in the next three years. The regional telephone company said it will take a $590-million, or $1.47-per-share, after-tax charge in the fourth quarter to account for the restructuring, said Dick McCormick, US West president and chief executive. Based in Englewood, Colo., US West has about 70,000 employees, including 55,070 in its telephone subsidiary, US West Communications.
BUSINESS
August 18, 1998 | Reuters
No new talks were scheduled in the 2-day-old strike by about 35,000 workers at regional telephone company US West Inc., but both sides said the negotiations could resume today or Wednesday. Customers were experiencing few difficulties, although the Denver-based phone company, which serves 25 million customers in 14 states, warned of delays in repairs and new installations. The company has deployed 15,000 managers to handle everything from directory assistance to calls for new service.
BUSINESS
February 27, 1998 | Associated Press
US West Inc. asked federal regulators to make it easier for the company to provide high-speed Internet and other data services to customers across its 14-state local phone territory. The company says it needs Federal Communications Commission authority to move Internet and other data traffic across state boundaries and across 27 smaller regulatory subdivisions, called LATAs, that exist within the local phone region.
BUSINESS
August 14, 1998 | Associated Press
Representatives of US West Inc. and its largest union, the Communications Workers of America, will begin meetings this morning with federal mediator Jim Mahon in hopes of averting a strike. The Denver-based phone company and CWA, which represents more than 33,000 of its clerical and technical workers in 14 states, had both requested a mediator after hitting an impasse in contentious contract negotiations.
BUSINESS
March 6, 2000 | From Reuters
Qwest Communications International Inc., the No. 4 U.S. long-distance phone company, confirmed Sunday that it was in talks with a major telecommunications company about the possible takeover of it and its existing merger partner, US West Inc. Denver-based Qwest declined to name the suitor, but sources familiar with the situation said the talks were with German phone giant Deutsche Telekom.
BUSINESS
March 4, 2000 | Reuters
US West Inc. Friday demanded that its merger partner, Qwest Communications International Inc., disclose the status of talks with rumored bidder Deutsche Telekom, saying it will hold Qwest responsible for damages to their $36-billion merger agreement. In a letter sent to Qwest's general counsel, US West said, "We are extremely concerned that these discussions [with Deutsche Telekom] are ongoing with no information being provided to us.
BUSINESS
January 1, 2000 | Bloomberg News
US West Inc. said it sold 65% of its stake in Global Crossing Ltd. to take advantage of a rebound in the shares. The local phone company sold about 24 million shares, valued at $1.15 billion, at an average of $47.92 each. It paid $62.75 for the shares last June as part of a planned merger with Global Crossing that was canceled. Global Crossing shares fell to as low as $20.25 in September.
BUSINESS
December 22, 1999 | (Bloomberg News, Times Staff)
Qwest Communications International Inc., the long-distance telephone company merging with US West Inc., said Tuesday it will switch the listing of its shares to the New York Stock Exchange on Jan. 3, the latest defection of a technology company from the Nasdaq Stock Market. The two markets compete intensely for the listing of companies, with the exchange poaching many of Nasdaq's leading names, including America Online Inc. and Gateway Inc., as well as smaller stocks such as ResMed Inc.
BUSINESS
July 19, 1999 | ELIZABETH DOUGLASS, TIMES STAFF WRITER
A weeks-long bidding war involving four major phone companies ended Sunday with US West Inc. agreeing to pair up with Qwest Communications International Inc. and upstart Global Crossing Ltd. moving forward with its purchase of Frontier Corp.--a compromise that would give the rival bidders what they need most. Denver-based Qwest, a fast-growing nationwide long-distance carrier, said it would pay $36.5 billion, or $69 per share, for Baby Bell company US West, also based in Denver.
BUSINESS
July 17, 1999 | From Bloomberg News
Qwest Communications International Inc. is close to an agreement to buy local phone company US West Inc. for $40.5 billion, a person familiar with the negotiations said. Global Crossing Ltd., a rival bidder for Denver-based US West, is expected to buy long-distance carrier Frontier Corp. for $12.9 billion, the source said. The transactions would end a monthlong bidding contest between Qwest and Global Crossing for the two companies.
BUSINESS
July 2, 1999 | From Bloomberg News
US West Inc. said Thursday that it will start merger talks with Qwest Communications International Inc., which could thwart Global Crossing Ltd.'s $33.9-billion acquisition agreement with US West. US West said its agreement with Global Crossing is still in effect, and Global Crossing said it approved the talks. US West said it will also talk with Global Crossing to see how Global plans to respond to Qwest's latest offer of $69 a share, or $40.5 billion.
BUSINESS
June 24, 1999 | From Associated Press
The takeover battle for US West Inc. and Frontier Corp. heated up Wednesday as Qwest Communications International Inc. revised its $46.5-billion unsolicited bids for the telephone companies. US West, a Denver-based Baby Bell, and Frontier, the nation's No. 5 long-distance carrier, both rebuffed Qwest's original offer in favor of a merger proposal from Global Crossing Ltd. Both companies acknowledged that they had received the new proposals and were reviewing them.
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