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FirstCom set a shareholders' meeting to vote on the merger for Aug. 28 and expected the merger to be completed by Aug. 31. Upon completion of the merger, each FirstCom common share will convert into a Class A common share of AT&T Latin America and trade on the NASDAQ National Market System under the symbol "ATTL". The Latin American unit of AT&T Corp. pledged $500 million and 2,000 jobs for Argentina over the next five years in its effort to capture a stake in the country's quick growing telecommunications market. AT&T Latin America, which first announced its entrance into South America's No. 2 economy in February, will invest $150 million by mid 2001 and $350 million through 2004 to develop a broadband fiber and fixed wireless network in the country. ``Argentina is key in our regional business strategy and we are one step closer from creating a communications company that provides business customers throughout Latin America with next generation technology and true end-to-end capabilities for their business needs,'' Patricio Northland, president of AT&T Latin America, told a press conference. ``Economies are developed by telecommunications,'' Northland said. ``The key is to put this country's infrastructure at the same heights as the rest of the world.'' AT&T Latin America, through its local subsidiary Keytech LD, plans to build a 1,550 mile (2,500 km) fiber optic network which will connect the country's main market, Buenos Aires, and other secondary cities like Mendoza, Cordoba and Rosario in the next two years. Eventually, the company will cover more than 40 cities, it said in a press release. Keytech LD will also cover 3,860 square miles (10,000 square kilometres) with fixed-wireless technology. AT&T Latin America is a company formed last year in a deal that will combine Netstream, a Brazilian local phone company, and FirstCom Corp. (NasdaqSC:FCLX - news), a telecom provider with operations in Chile, Colombia and Peru. ``The Latin American telecommunications market is very important for AT&T and we expect strong growth in the next couple of years,'' Northland said. AT&T will face competition in Argentina from other big-name players in the region like Spain's Telefonica , GTE Corp., BellSouth Corp. and a joint venture between Telecom Italia and France Telecom . | ||||||||||||
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