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Technology Stocks : Newbridge Networks -- Ignore unavailable to you. Want to Upgrade?

To: pat mudge who wrote (12066)	6/28/1999 10:38:00 PM
From: zbyslaw owczarczyk	Read Replies (2) \| Respond to of 18016

AT&T, BT Get U.S. Approval for $3 Bln Joint Venture (Update2) (Changes dateline, updates tour, adds currency conversion, BT's ADR price in 5th paragraph.) London, June 29 (Bloomberg) -- AT&T Corp. and British Telecommunications Plc won U.S. antitrust clearance yesterday for their planned $3 billion joint venture, a Justice Department spokeswoman said. The approval, which comes without conditions, puts the largest U.S. and U.K. telephone companies one step closer to an alliance that would let them combine their voice, data and Internet services for multinational businesses. The U.S. Federal Communications Commission still must approve the plan. European regulators endorsed the joint venture in March after AT&T agreed to sell some of its U.K. assets. ''This venture will be good for customers, good for competition and good for the global services marketplace,'' said David Dorman, who will be chief executive officer of the venture. Shares of New York-based AT&T, the largest U.S. telecommunications company, were unchanged at 54 5/8 yesterday. London-based British Telecom, the No. 1 British phone company, fell 12 pence, or 1.1 percent, to 1,090p ($17.25). Its American depositary receipts fell 4 3/16, or 2.4 percent, to $173. AT&T and BT plan to use their alliance to compete for business against such rivals as MCI WorldCom Inc. and the Global One alliance of Deutsche Telekom AG, France Telecom SA and Sprint Corp. Analysts expect international telecommunications sales to soar to as much as $200 billion by 2007. The venture, announced last July, will have assets of $3 billion and annual sales of more than $10 billion. The companies have said they expect to complete the venture later this year after receiving regulatory approval.