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To: Glenn Petersen who wrote (1377)	6/21/1999 3:14:00 PM
From: Glenn Petersen	of 3519

AOL still packs a punch: Dixons <DXNS.L> drops on AOL Freeserve challenge LONDON, June 21 (Reuters) - Shares in electrical retailer Dixons Plc fell on Monday after AOL Europe <AOL.N> said it was considering offering a free Internet access service in the UK. Dixons stock dropped 42 pence or 3.4 percent to 11.85 pounds by 1317 GMT shortly after the announcement. Dixons, which operates Freeserve, the UK's most popular free Internet portal, has seen its increasingly volatile, Internet-driven stock buffeted as other heavyweights have entered the on-line arena. Pay-TV group British Sky Broadcasting Plc <BSY.L>, telecoms giant British Telecommunications Plc <BT.L> and supermarket group Tesco Plc <TSCO.L> have all launched services this year, hitting Dixon's share price. AOL Europe, a joint venture between America Online and German media group Bertelsmann AG <BTGGga.F>, said on Monday it too was considering free Internet access to counter the rise of new on-line companies such as Freeserve. Analysts are concerned every other service launched dilutes Freeserve's share of the fickle market of Internet users. "This is further evidence of the competitive environment becoming tougher for Freeserve," one analyst said. Dixons was the biggest faller in an advancing London market. 11:42 06-21-99

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