Word: mergerism
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...Dollars It's not quite déjà vu all over again, but European tech and telecom stocks are suddenly hot. After three years of gut-wrenching decline, survivors of the late 1990s bubble have reined in debt and are looking to grow again. A flurry of merger activity last week - both real and rumored - demonstrates the new mood. Shares in Britain's mobile-phone service mmO2 soared almost 20% after it rebuffed a merger offer of about €13 billion from Dutch phone operator KPN, while France Télécom boosted the valuations of several Internet...
...Burke and CEO Brian Roberts can not only sidestep the haggling over ESPN's high prices but also provide its cable brethren the more favorable rates that Comcast is seeking. "We might take a softer approach," says a Comcast official. Then again, they might not. Says S.P. Kothari, a merger expert at the Massachusetts Institute of Technology: "Comcast shareholders will not let the company give up this power. They will say, 'What the heck, are we running a charity shop?'" Plus, ESPN may need to maximize revenues to keep pace with its escalating cost of rights fees; the network...
...want their carriers to be allowed to fly to U.S. cities from anywhere in Europe. KLM, for example, can fly to the U.S. only from its home country, the Netherlands, but would prefer to operate from Paris or London as well. With Air France and KLM heading toward a merger, the market is forcing the issue. "When we reach a deal with the E.U.," says Jeffrey Shane, U.S. Under Secretary of Transportation, "it's going to mean more flights to more places and more choices for passengers."--By Sally B. Donnelly...
...INDICATORS Blue Sky for Jumbo Deal European and U.S. regulators green-lighted the merger of Air France and Dutch carrier KLM, creating the world's largest airline and encouraging further consolidation. Alitalia also wants to join forces with Air France...
...last week), Vodafone would be buying a firm that's losing market share. The bid deadline was Friday, but no one would confirm a Vodafone offer; some say AT&T's 22 million customers come at too high a price. ABN Amro analyst Jamie Mariani calls the merger idea "nonsense,'' arguing that the $35 billion price tag, plus $8 billion in AT&T debt, would obliterate any benefits. And to make a deal Vodafone would have to wriggle out of its noncompete accord with Verizon, the U.S. leader, by agreeing to dump its 45% of Verizon stock. AT&T should...