GTE Message Board - Msg: 12137803

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Technology Stocks : GTE

GTE 3.430

-7.0%

Oct 31 9:30 AM EDT

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To: IBMikey who wrote (657)	11/29/1999 8:22:00 PM
From: Triffin	Read Replies (1) of 671

Getting closer .. -------------------------------------------------------- Monday November 29, 8:10 pm Eastern Time Virginia OKs Bell Atlantic/GTE merger RICHMOND, Va., Nov 29 (Reuters) - The Virginia State Corporation Commission said Monday that it has approved the merger of Bell Atlantic Corp. (NYSE:BEL - news) and GTE Corp. (NYSE:GTE - news). The Commission said that it ordered several conditions and requirements to each company to ensure that the merger will bring the promised benefits to Virginia customers of the two predominant providers of local telephone service in the Commonwealth. The transfer of control of GTE to Bell Atlantic is at the parent company level. The two subsidiary telephone companies will continue to operate separately in Virginia. GTE South is Virginia's second largest local telephone company with more than 557,000 access lines. Bell Atlantic controls Bell Atlantic-Virginia -- the Commonwealth's largest local telephone company with approximately 3.4 million access lines. The commission said that the merger means that Bell Atlantic-Virginia customers will enjoy a three-year extension on the current cap on rates for basic telephone service. Set to expire at the end of 2000, the cap will not be lifted until Jan. 1, 2004. As leverage to maintain satisfactory service levels, Bell Atlantic-Virginia cannot increase prices for discretionary services such as Caller ID and Call Waiting during any period when the company fails to maintain any of the SCC's service quality measurements. The company must also invest at least $1.5 billion in plant and services over the next three years in Virginia. Customers throughout GTE-South's service territory will receive new services faster, the commission said. These services include Caller ID, automatic call return and automatic busy redial. GTE customers in extreme southwest Virginia get rate reductions to bring them in line with rates paid by GTE customers elsewhere in the state. GTE must invest at least $250 million in plant and services over the next three years in its Virginia service territory. EOM-------------------------------------------------------- Jim in CT ..

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