mfgrep: you said it right, "bar the door", but the fat lady has come to sing, sit back and enjoy the sweet music. mfgrep is right next news is done deal. No doubt reason for late pop today.
Arizona approves Qwest's purchase of U S West
June 23, 2000 05:35 PM
NEW YORK, June 23 (Reuters) - Local telephone company U S West Inc. USW said on Friday Arizona state regulators approved Qwest Communications International Inc.'s Q $36 billion acquisition of the regional Bell company, removing the last regulatory obstacle to the deal's closing.
"We have now completed all of our state regulatory approvals -- and in record time," U S West chief executive Solomon Trujillo said in a statement. "It's been less than a year since we announced this merger, and we are poised to be able to deliver its benefits to our customers."
The company said in a statement the Arizona Corporation Commission's approval set some conditions on the merged company, including provisions to ensure continued investment in Arizona's telecommunications network. The conditions were similar to those set by other states.
Earlier this week, Trujillo said he was hopeful the merger, which was approved by 13 other states in U S West's home region as well as the Federal Communications Commission, will close in early July.
Shares of U S West closed up 2-5/16 at 89-1/4 on Friday on the New York Stock Exchange, just off its 12-month high of 89-1/2. The shares have traded as low as 51-3/4 in the last year.
Qwest's stock rose 1-3/16 to close at 52-1/16, also on the New York Stock Exchange. The shares have traded between 37-5/8 and 65 in the past year.
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