To: quidditch who wrote (11993 ) 6/10/2000 4:54:00 PM From: William Hunt Respond to of 13582
Bell Atlantic-GTE merger approval close By Bloomberg News June 9, 2000, 2:55 p.m. PT Bell Atlantic is close to winning U.S. regulatory approval to buy GTE for $79.5 billion after agreeing to additional concessions that will limit profits from GTE's Internet unit, analysts said. Bell Atlantic filed a plan at the Federal Communications Commission (FCC) late Wednesday, agreeing to relinquish any gains in the value of Genuity, the Internet unit, in states where the company lacks authority to sell long-distance service. The restriction further ensures the company complies with a law barring large regional phone companies from owning or profiting from long-distance service, including Internet traffic. ? Get the "Big Picture" ? Related News ? Message Boards Quote Snapshot BEL 53.94 -0.69 GTE 64.75 -0.62 Enter symbol: ú Symbol Lookup Quotes delayed 20+ minutes The FCC could act on the transaction as early as next week, an agency official said. Analysts predict that the Bell Atlantic-GTE deal will be approved. ''We think that the filing may?represent a breakthrough in garnering sufficient FCC support to win majority approval,'' Susan Lynner, an analyst with Prudential Securities, wrote in a research report. Bell Atlantic and GTE announced the transaction in July 1998 and have worked to overcome the long-distance hurdles, giving regulators several proposals to resolve Internet traffic issues. The companies told the FCC they will sell 90.5 percent of Genuity to the public and retain 9.5 percent, with an option to raise that stake to about 80 percent after winning authority to sell long- distance service in Bell Atlantic's 13 states. More business for the "Q" BEST WISHES BILL