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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (8214)	2/17/2004 11:57:05 AM
From: russwinter	Respond to of 110194

Cingular is going to try and buy AWE with a $41 billion bridge loan, crazy. Can this really get off the ground? Reuters Cingular CEO to run firm after AT&T Wireless deal Tuesday February 17, 10:48 am ET NEW YORK, Feb 17 (Reuters) - Cingular Wireless said on Tuesday that its chief executive officer, Stan Sigman, would run the wireless company after it completed its $41 billion acquisition of smaller rival AT&T Wireless Services Inc. (NYSE:AWE - News) AT&T Wireless Chairman John Zeglis, who took the company public in 2001 when it was spun off from former parent AT&T Corp. (NYSE:T - News), said he would leave once the deal with Cingular closed. "I'll hang around for any time Stan wants, but then I'm on to the next thing," Zeglis said in a conference call with reporters. "We do not need two CEOs. One desk. One salary for the CEO." Cingular said its parent companies -- SBC Communications Inc. (NYSE:SBC - News) and BellSouth Corp. (NYSE:BLS - News) -- would finance the all-cash deal with a bridge loan. Cingular said it was not considering an initial public offering and long-term financing had not yet been determined. The deal has a $1.4 billion break up fee, a source familiar with the situation said.