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Technology Stocks : Global Crossing - GX (formerly GBLX)

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To: Andriy Turhovach who wrote (6462)	6/10/2000 8:24:00 AM
From: TechMkt	Read Replies (1) of 15615

A WorldCom/GBLX merger could be supported with $155 billion. Looks like Sprint is going to give WCOM problems in the US and Europe. Fez __________________________________________ Saturday June 10, 7:27 am Eastern Time EU's Monti repeats concerns on WorldCom/Sprint deal BRUSSELS, June 10 (Reuters) - The European Union's antitrust chief on Saturday issued another warning to U.S. telecoms giants WorldCom Inc (NasdaqNM:WCOM - news) and Sprint Corp (NYSE:FON - news) about potential competition problems surrounding their proposed merger. ``We are at present examining the potential 'gatekeeper effect' of the merger on the Internet backbone,'' EU Competition Commissioner Mario Monti told the ``European Business Summit'' in Brussels. ``If it came to be controlled by one firm, innovation and competition might be jeopardised.'' The Commission launched an extended four-month probe into the $115 billion deal on February 21 and sent the companies a detailed list of its antitrust concerns on May 3. It must decide by July 12 whether to block the merger or clear it with conditions. The companies have said they are prepared to sell Sprint's Internet backbone business but will not countenance selling WorldCom's standalone unit UUNET. The Commission has said all along it is concerned about reduced competition in the market for top-level Internet connectivity. It said the merged group would control most of the backbone -- the basic infrastructure users need to gain access to the World-Wide Web -- along with GTE Corp (NYSE:GTE - news) and Cable & Wireless (quote from Yahoo! UK & Ireland: CW.L). Monti told the conference, organised by the Federation of Belgian Companies, that a number of recent mergers in new sectors of the economy had raised concerns about the creation of so-called ``gatekeepers'', companies which use their power to prevent others entering the market. He cited both the PayTV and mobile telecoms markets as examples.

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