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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here

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To: Frank A. Coluccio who wrote (11917)	10/2/2001 7:47:03 AM
From: elmatador	Read Replies (2) of 12823

WestLB lines up US$36.7 billion bid for BT network By Sophy Tonder and Richard Baum, Reuters 01 October 2001 German state-owned bank Westdeutsche Landesbank is preparing a fresh bid for British Telecommunications' fixed-line telephone network, an industry source said on Sunday. The source said the bid would be higher than the 18 billion pounds (US$26.43 billion) a consortium led by WestLB offered in July for BT's entire fixed-line infrastructure, but that the 25 billion pound (US$36.7 billion) figure reported in British Sunday newspaper The Observer was speculative. WestLB declined to comment. BT spokeswoman Andrea Paradine also declined comment. A new bid would increase the chances of a further break-up of BT after it demerges its mobile business in November. The company would be left as a retail business leasing access to the network from WestLB if it accepted the offer. BT has said a reorganisation to slash debt and boost shareholders' returns should be complete after its demerges its mobile phone unit, mmO2, and resolves the future of its unprofitable Concert joint venture with AT&T Inc. But some shareholders and analysts are unexcited by the prospects for BT Group Plc, as the fixed-line business will be known after the demerger, and want to see a further strategic rethink. BT has publicly dismissed the idea of selling its network, but major shareholders have said it should consider the idea. A second consortium called Earthlease, headed by U.S. finance house Babcock & Brown and merchant bank Chancery Lane Capital, had an offer for part of the network rebuffed in July. Industry sources told Reuters on Sunday that Earthlease had put a fresh bid on hold until after BT's demerger of mm02 Plc completes on November 19, but that it was still interested. The two bidders believe they can make more money out of the network than BT can. Earthlease, however, is interested only in buying the "local loop" wires linking local exchanges to homes and offices

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