Qwest Communications (Q) (formerly QWST) Message Board

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Technology Stocks : Qwest Communications (Q) (formerly QWST)

Q 98.18

+5.8%

Feb 6 3:59 PM EST

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To: RTev who wrote (4626)	7/19/1999 5:57:00 PM
From: Nick	Read Replies (1) of 6846

BellSouth reviews Qwest stake By Peter Ramjug WASHINGTON, July 19 (Reuters) - BellSouth Corp. (NYSE:BLS - news), the regional Bell that disclosed last month it considered buying Qwest Communications International Inc. (Nasdaq:QWST - news), said on Monday it was reviewing its 10 percent stake in the No. 4 U.S. long distance company. Atlanta-based BellSouth, which paid $3.5 billion for the Qwest stake in May, said in a regulatory filing with the Securities and Exchange Commission it was considering selling its Qwest position or perhaps buying more shares. ''BellSouth intends from time to time to review its ownership position in and commercial and strategic relationship with'' Qwest, BellSouth said. It ''may ... seek to acquire additional shares ... dispose of shares ... revise its existing commercial relationship (or) enter into other strategic and commercial relationships with'' Qwest. Absent from the SEC document was language included in a BellSouth filing on June 8 that said it was considering acquiring Qwest. BellSouth is the dominant local phone service provider in nine Southeastern states. A BellSouth spokesman declined to elaborate on the filing. Qwest had no immediate comment. In the June filing, BellSouth said it ''has considered and continues to explore ... various alternatives relating to BellSouth's interest in (Qwest), including transactions which may result in the acquisition of a control position in or combination with the company.'' But a source familiar with both companies said Monday that BellSouth's interest in acquiring Qwest appeared not to be as strong now. ''The more specific language regarding a possible combination with Qwest has been omitted, and I think that would suggest that BellSouth might at one point have been more interested than perhaps it is today,'' said the source, who did not want to be identified. BellSouth said it is prohibited from acquiring more than 20 percent of Qwest common shares without the approval of the Qwest board. Its 10 percent stake was part of an alliance between the two companies to provide next-generation digital communications services. BellSouth paid $1.92 billion for 40.7 million Qwest shares. It also spent $1.573 billion to buy 33.3 million shares from Qwest's main stockholder, Anschutz Co. BellSouth's stock rose 25 cents to $45.56 on Monday afternoon on the New York Stock Exchange, while Qwest dropped 87.5 cents to $34.125 on Nasdaq.

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