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To: Ruffian who wrote (52850)	12/7/1999 2:22:00 AM
From: LBstocks	Respond to of 152472

FOCUS-U.S. clears Bell Atlantic-Vodaphone wireless deal (Updates throughout; pvs NEW YORK) WASHINGTON, Dec 6 (Reuters) - U.S. regulators approved the planned combination of the U.S. wireless operations of Bell Atlantic Corp. and Vodafone AirTouch Plc , so long as the companies eliminate some overlapping properties. The Justice Department said the companies would have to sell off holdings in San Francisco, Cleveland, Phoenix, Seattle and Cincinnati in what it described as "likely the largest divestiture package ever required by the Antitrust Division." The consent decree supersedes one reached in May by Bell Atlantic and GTE Corp. as part of their pending merger, and requires the sale of holdings in 96 markets in 15 states, the department said. Monday's agreement requires the sale of holdings in 34 more markets than the previous deal. Including assets to be acquired in Bell Atlantic's pending merger with GTE, the deal will form the largest U.S. wireless company, Bell Atlantic said in a statement. "Without the required divestitures, competition would likely have been reduced, causing higher prices or lower quality wireless telephone services for potentially millions of current and future subscribers," said Joel Klein, Assistant Attorney General in charge of the department's antitrust division. "It is important in this rapidly growing and evolving industry that we retain competitive choices for consumers so that they get the lowest prices as well as features and rate plans that best benefit their needs," he said. According to the agreement with the U.S. Justice Department, the companies will dispose of one of two competing properties in each market where an overlap would be created by the venture, Bell Atlantic said. Bell Atlantic and Vodafone are on track to close their transaction six to 12 months from its September announcement. Bell Atlantic and GTE are aiming to complete their merger around the end of first quarter 2000. The Justice Department said it had filed the consent decree in U.S. District Court in Washington on Monday. The agreement would resolve an antitrust suit filed against the companies if approved by the court, it said. Bell Atlantic shares fell 1-5/8 to 64-3/8 in trading on Monday on the New York Stock Exchange, where Vodafone American Depositary Receipts rose 3-1/2 to 53. GTE fell 2-7/16 to 73-3/4 on the NYSE.