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...WorldCom stock for MCI, the country's second largest long-distance carrier and a company four times the size of WorldCom. The bid demolished British Telecommunication's $18.7 billion offer for MCI just as the two phone giants were preparing to seal their transatlantic deal. It also shattered BT's plan to make the MCI merger the focus of its global strategy, a consequence that didn't much concern Ebbers. "We can realize far greater savings and synergies than BT can," he said, and punctuated the analysis with the plainspoken observation that "they just don't live here...
...works. WorldCom, the U.S. telecommunications upstart that bought CompuServe a couple of weeks ago and snapped up Brooks Fiber, a local telephone company Tuesday, decided Wednesday to have MCI for dessert. Money Daily reports that WorldCom will offer $30 billion in stock for the long-distance carrier, trumping BT's offer by about $12 billion. But it seems everyone was a winner as BT, MCI and WorldCom stock all soared on the London markets...
...enter 25 local markets in January. Thanks to its national brand name and scrappy style, "MCI was ready to beat the crap out of the regional phone companies even before the British Telecom deal," says David Goodtree of Forrester Research, a Massachusetts consulting firm. With BT behind it, Goodtree observes, MCI could take a $10 billion bite out of the local phone market within three years. And with that as a base, MCI could expect to broaden its No. 2 share of the $65 billion U.S. long-distance market; that currently stands...
Merging the buccaneering MCI culture with tradition-bound BT could prove tricky. To preserve MCI's independent spirit, Roberts will serve as co-chairman with BT chief Iain Vallance and remain at MCI headquarters in Washington...
...throes of restructuring, and now has to deal with an archrival that just became a heavyweight. AT&T chairman Robert Allen didn't wait long to complain that the playing field is not level. AT&T, he asserted, faces barriers to providing full service in the United Kingdom, where BT controls more than 90% of the local phone connections. Allen urged regulators to make scrutiny of the merger "a global priority of the highest order." In the U.S., where BT will ask for a waiver of the 25% ceiling on foreign ownership of American communications companies, such scrutiny could take...