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To: ANANT who wrote (2692)	6/20/1998 3:35:00 PM
From: Anthony Wong	Respond to of 11568

EU Weighs MCI, Worldcom Merger Saturday June 20 10:19 AM EDT BRUSSELS (AP) - Trying to overcome European reservations about their proposed $37 billion merger, MCI Communications Corp. and Worldcom Inc. have submitted fresh proposals to a panel considering the deal, a European Union source said. With the revised bid in hand, the European Commission was ''moderately optimistic'' the planned merger of the two U.S. telecommunications giants would be approved, the source told Dow Jones News Service late Friday on condition of anonymity. The source warned, however, that it would be ''premature to say any deal has been reached.'' MCI said it was optimistic the merger would be approved. ''We hope to reach an agreement soon. These negotiations are ongoing,'' spokesman Frank Walter said. MCI and Worldcom are the second- and fourth-largest long-distance telephone companies in the United States. Their alliance would surpass Bell Atlantic's $25.6 billion 1997 takeover of Nynex and continue the global trend toward consolidation of the telecommunications industry. European regulators are reviewing the merger, proposed in November 1997, because the two companies also have significant sales in Europe. The officials are concerned about the effects of the union on competition. The Commission's merger task force, made up of competition regulators from the 15 member states of the European Union, met Friday in the Belgian capital to discuss the proposed merger. The European regulators, along with their U.S. counterparts, have been examining closely into whether the combined company would crimp competition and possibly raise prices in the Internet ''backbone'' business. Internet backbones are high-capacity networks that carry Internet and other data traffic for third parties. European Union spokesman Stefan Rating said Monday the EU's excecutive committee wants MCI to shed all its Internet holdings as a condition for approving the merger. The EU has a July 15 deadline for deciding. The merger also is subject to approval in Washington by the Justice Department and the Federal Communications Commission. The source said the 20 European commissioners will probably debate the proposed merger on July 8, at their weekly scheduled meeting. dailynews.yahoo.com

To: ANANT who wrote (2692)	6/20/1998 3:40:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 11568

EU May Approve MCI-Worldcom Merger Saturday June 20 2:55 PM EDT PAUL AMES Associated Press Writer BRUSSELS, Belgium (AP) - European Union regulators indicated they may soon approve the $37 billion merger between U.S. telecommunication giants MCI Communications Corp. and Worldcom Inc. One official said late Friday the EU had received fresh proposals from the companies, which are seeking to allay regulators' concerns that the merger will hinder fair competition on the Internet. However, the official, who spoke on condition of anonymity, said officials were optimistic a deal could be approved but that it was premature to say any had been reached. EU officials contacted Saturday declined to comment on reports that the merger had received the go-ahead from regulators from the 15 EU member nations who discussed the deal in Brussels on Friday. MCI and Worldcom are the second- and fourth-largest long-distance telephone companies in the United States. Their alliance would surpass Bell Atlantic's $25.6 billion 1997 takeover of Nynex and continue the global trend toward consolidation of the telecommunications industry. European regulators are reviewing the merger, proposed in November 1997, because the two companies also have significant sales in Europe. The officials are concerned about the merger's effects on competition. MCI said Friday it hoped for early approval. ''We remain very optimistic. We hope to reach an agreement soon,'' said MCI spokesman Frank Walter. The EU's 20-member executive body, the European Commission, is set to discuss the proposed deal on July 8. The commission can demand changes to mergers and takeovers that have a big impact on European markets and can veto those judged to distort fair competition within the EU. Last month, MCI announced it will sell its Internet facilities for $625 million to the London-based Cable & Wireless PLC. But the EU's top antitrust official, Karel Van Miert, said he was not sure that was enough to resolve the union's concerns. The merger also is subject to approval in Washington by U.S. regulators who are consulting with their European counterparts on the deal. dailynews.yahoo.com