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Technology Stocks : BAY Ntwks (under House)
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To: Paul Lee who wrote (6958)8/24/1998 8:12:00 AM
From: Anthony Wong  Read Replies (1) of 6980
 
EU okays Nortel's acquisition of Bay Networks
Monday August 24, 5:55 am Eastern Time

BRUSSELS, Aug 24 (Reuters) - The European Commission said on Monday it had granted regulatory approval to the acquisition of networking company Bay Networks (BNET - news) by Canadian telecommunications firm
Northern Telecom Ltd (Nortel) (NTL.TO - news) in a stock deal worth $9.1 billion.

The two firms said on Friday they had won approval from both the European Union executive and the Canadian Competition Bureau.

biz.yahoo.com
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