Word: telekom
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...former German telephone�monopoly Deutsche Telekom took a leap of faith across the Atlantic and bought an upstart U.S. mobile-phone company called VoiceStream Wireless for $46.5 billion. Telekom's management was excoriated for paying an exorbitant price for the smallest operator in a crowded market, dwarfed by giants Cingular, Verizon and Sprint. But the bet paid off. Today, the U.S. arm of T-Mobile, the German mother ship's wireless unit, is still ranked fourth, but it is the fastest-growing part of the $75 billion company and well on its way to becoming Telekom's largest revenue source...
That's why Telekom's CEO Kai-Uwe Ricke just opened his wallet again and spent $4.2 billion to span a high-speed 3G wireless network across the U.S. "We want to maximize our sales in the U.S. and expand T-Mobile USA into the largest single unit in the group," Ricke told reporters in New York City...
...expect NTL to increase its bid by around 10%. "The market is telling us that it's still expecting this deal to go through," says Laura Mills of Merrill Lynch in London. Pay-TV operator British Sky Broadcasting is buying the British broadband network Easynet for $367 million. Deutsche Telekom is trying to buy back the outstanding shares of T-Online, the Internet services arm it spun off at the height of the dotcom boom. And Italy's Tiscali and Fastweb are reported to be seeking investors to help them take on Telecom Italia in that country's race...
...member states, worry the Commission. "It should be possible to spend more on R. and D.," says a spokesman, "but not outside the limits of the pact." Berlin had other plans as well. After admitting it had abandoned proposals to mine billions of euros from partly state-owned Deutsche Telekom and Deutsche Post to help shrink its deficit, reports claimed Germany was considering tapping the state's nursing care insurance fund. Is that healthy...
...cluster of large British, Swiss and Swedish firms where heads have also rolled.) Those include financial giants like Germany's Allianz and Credit Suisse of Switzerland; media titans, such as France's Vivendi Universal and Germany's Bertelsmann; and a bevy of telecom behemoths, such as France Telecom, Deutsche Telekom and Britain's Cable & Wireless...