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Technology Stocks : Newbridge Networks
NN 12.64+0.8%3:59 PM EST
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To: pat mudge who wrote (10391)3/19/1999 7:07:00 AM
From: zbyslaw owczarczyk  Read Replies (2) of 18016
 


BT, AT&T eye Tokyo deal?

Report: Telecom giants in talks to buy 30 percent
stake in Japan Telecom

March 19, 1999: 6:38 a.m. ET

TOKYO (Reuters) - British Telecommunications and AT&T Corp.
have begun negotiations with Japan Telecom Co. to buy a combined
30 percent stake in the Japanese company, according to a Japanese
newspaper report Friday.
Nihon Keizai Shimbun reported that BT is expected to take a 20
percent stake and AT&T will acquire 10 percent, adding that the two
firms were set to pay an estimated total of 150 billion yen ($1.3
billion).
Japan Telecom is the third-largest long-distance call carrier in
Japan, after Nippon Telegraph and Telephone Corp. and DDI Corp.
A spokeswoman for a Japanese unit of AT&T said the company
could not comment on the report.
The report quoted unnamed industry sources as saying the size of
their respective stakes may change as Japan Telecom hopes BT and
AT&T will take equal stakes.
East Japan Railway (JR East), which currently owns the biggest
stake of 19 percent in Japan Telecom, would likely purchase some of
the new Japan Telecom shares to retain its status as biggest
shareholder, it said.
"We have not made any decision on the matter," said a spokesman
for JR East, without giving any further details.
Japan Telecom in February forecast a group net profit of one
billion yen on sales of 428 billion yen for the year ending on March
31.
Its market capitalization totaled $4.62 billion against NTT's
$150.86 billion.

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