Word: telecoms
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Weill naturally downplays any talk of culture wars or conflicts among his managers. And he says the risks inherent in Salomon's volatile trading operations (Salomon's traders reportedly blew $100 million recently betting the wrong way on the MCI-British Telecom merger) will look like "a little bit of a pimple" alongside the $30 billion in revenues that Travelers will have after the merger. That pimple could look even smaller if, as expected, Weill makes more acquisitions. Next up could be a commercial bank, which would add lending power to the Travelers portfolio. "I have never in my life...
Just when the British Telecom merger with MCI seemed like a done deal, up steps an American firm to throw a spanner in the 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...
...high school basketball coach, helped found WorldCom in 1983 to sell long-distance service. He has since put up numbers worthy of company pitchman Michael Jordan. Anyone who invested $100 in WorldCom stock when the company went public in 1989 would have a holding worth $2,400 today. No telecom company has done better. WorldCom has rung up that performance by connecting an astonishing range of deals. The largest was last year's $12.5 billion acquisition of MFS Communications, a local phone company that had just acquired UUNet. Yet WorldCom remains a little-known empire that serves mainly corporate clients...
Ebbers, 56, will take Sidgmore's word on that. Ebbers is as low frequency as any telecom executive can be. He favors faded blue jeans and golf shirts and on-the-road Willie Nelson tunes. While his 1.8% stake in WorldCom is worth more than $560 million, he likes to aw-shucks his own role in his company. "The thing that has helped me personally," he says, "is that I don't understand a lot of what goes on in this industry." So he relies on executives who come along with acquired companies...
...really just the start: the plan calls for 600 million by 2020. American firms such as AT&T and SPRINT are waiting to cash in, but Wu says the country won't open up to Candice Bergen just yet. Instead the Chinese government will continue to control the lucrative telecom monopoly. The most glorious numbers, bureaucrats realize, come with renminbi signs in front...