To: gdichaz who wrote (12893 ) 7/25/1998 9:40:00 PM From: 2brasil Read Replies (1) | Respond to of 152472
tO gdichaz like leaps i have 70's JAN 2000 bruce ot AT&T seen forging international pact with BT By Jessica Hall NEW YORK, July 24 (Reuters) - U.S. telecommunications giant AT&T Corp. (T - news) may forge an international partnership with British Telecommunications Inc (quote from Yahoo! UK & Ireland: BT.L), with an announcement coming as soon as Sunday, industry sources said. The two companies declined to comment. AT&T has been actively pursuing potential international partnerships, while BT has been searching for a new U.S. partner since the failed deal with its former mate, MCI Communications Corp (MCIC - news). BT's plans to merge with MCI were scuttled last year by a higher bid from rival WorldCom Inc. (WCOM - news) AT&T and BT were expected to form an international joint venture but not seek a formal merger, since such a massive combination would likely raise the ire of antitrust regulators on both sides of the Atlantic, industry sources said. The partnership would focus on providing communications services to large multinational business customers, industry sources said. Other details were not immediately available. AT&T had contacted some industry analysts on Friday evening, telling them to be prepared for a press conference in Manhattan on Sunday afternoon, these analysts said. AT&T declined to comment on rumours of a press conference. Cable television station CNBC and the Financial Times newspaper each reported an AT&T-BT joint venture was imminent, citing sources close to the deal. AT&T Chairman C. Michael Armstrong said last month that AT&T's $48 billion agreement to buy cable television giant Tele-Communications Inc. (TCI) would not stop it from quickly strengthening its presence overseas. A partnership with BT would fulfil one of Armstrong's final goals for transforming AT&T. Armstrong, who joined AT&T last November, said his priorities included strengthening the telecommunication giant's wireless, Internet, local telephone and international operations. International remains the only area still untouched. AT&T had made international expansion a major priority. Under a internal code name, ''Project Athena,'' AT&T explored new overseas partnership possibilities, an industry source said. Armstrong said last month AT&T's current international strategy, mostly consisting of loose alliances, was not a good match for the company. Armstrong said AT&T wanted to control the communications networks over which it transmits voice and data traffic. A partnership with BT would give AT&T a way to provide a wide range of services with guaranteed quality to its large multinational clients, analysts said. An alliance between AT&T and BT has been rumoured for months since BT will be free to forge new partnerships once former partner MCI closes its planned merger with WorldCom. When that merger closes, BT will receive about $7 billion for its minority stake in MCI, giving it cash to invest in new ventures. Other companies such as local telephone operators Bell Atlantic Corp. (BEL - news), SBC Communications Inc. (SBC - news) and GTE Corp. (GTE - news) had also been seen as potential BT partners, but AT&T would instantly give BT a national distribution network in the United States