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Bye-bye MCI...
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September 14, 1998: 5:57 p.m. ET
FCC grants final clearance on $37B mega-merger with WorldCom
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NEW YORK (CNNfn) - MCI Communications Corp. and WorldCom Inc. on Monday received final regulatory clearance from the Federal Communications Commission on their $37-billion merger, marking the end of the nation's second-largest long-distance company as an independent entity.
Shares of MCI (MCIC) last traded at 59-5/16, up 1/2. WorldCom stock (WCOM) rose 11/16 at 47-3/4 on the Nasdaq.
With the approval from the FCC, MCI now expects the mega-merger to close as early as Monday evening.
Back in March, the Washington-based telecommunications company received approval from shareholders. Since then, MCI has sold off its burgeoning Internet business and its competing interests in a joint venture with its original merger partner, British Telecommunications Plc.
In its statement, the FCC concluded the merger be largely complementary. "This combination of assets may enable the merged company to expand its operation and enter into new local telephone markets more quickly than either company could on its own," the agency said.
-- from staff and wire reports
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