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Technology Stocks : Newbridge Networks

NN 16.41

-1.7%

Dec 12 9:30 AM EST

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To: zbyslaw owczarczyk who wrote (10883)	4/19/1999 7:32:00 PM
From: pat mudge	Read Replies (1) of 18016

News from the UK: <<< 20th April 1999 DEUTSCHE TELEKOM TO RAISE HUGE CASH FUND Deutsche Telekom has announced plans for a rights issue which will raise 10.9 billion euros to finance the next phase of the company's global expansion. The Government is still the major shareholder so the issue will dilute the state ownership. The issue in June will be one of the largest such issues ever seen in Europe. With such a war-chest (which could soon be swelled by the sale of Deutsche's cable interests) speculation is mounting about what targets Europe's largest telecoms company may have in its sights. New investment is certain to be overseas because domestic competition has been hitting Deutsche Telekom very hard. Margins have been cut as prices have fallen, costs have been radically reduced and traffic levels have risen, but earnings from domestic operations are down. Cable & Wireless plc has been subject of some speculation and Deutsche Telekom has admitted it is in talks with Telecom Italia to help it stave off Olivetti's take-over bid. Also up for sale at the moment is the UK's One2One cellular network (although Germany's Mannesmann has been eyeing that prospect). Other possible European interests could be expansion in Eastern Europe, where new rounds of liberalisation are coming over the next two years. Some development of the Global One joint venture with France Telecom and Sprint may also be planned. <<<<

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