graphic
News > Economy
Justice clears Bell-GTE
May 7, 1999: 1:18 p.m. ET

Justice Department orders divestiture of overlapping services in nine states
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - The U.S. Department of Justice gave a regulatory thumbs up Friday to the merger of telecoms Bell Atlantic and GTE.
     In granting approval, the Justice Department said Bell Atlantic (BEL) and GTE (GTE) must sell overlapping wireless phone interests in nine states.
     Bell Atlantic said no other conditions were imposed on the merger. The company said the DOJ rejected various arguments against the merger, including many that still are being considered by the Federal Communications Commission and various state agencies.
     In a statement, James R. Young, Bell Atlantic executive vice president and general counsel, said, "Some of the department's best antitrust attorneys were dedicated to our merger and gave it a clean bill of health."
     William P. Barr, GTE's executive vice president and general counsel, said, "This merger promises a new era in consumer choice for telecommunications products and services, fulfulling the pro-competitive vision embodied in the Telecommunications Act of 1996."
     The two companies last July unveiled what was then a $53 billion merger of Northeast power Bell Atlantic with Irving, Texas-based GTE, which has local access lines scattered throughout the country. Bell Atlantic had been barred from offering long-distance services to its customers.
     Bell Atlantic was up 1-9/16 at 57-7/16 in early afternoon trading. GTE was up 2-1/4 at 66-1/2. Back to top

  RELATED STORIES

Bell Atlantic 1Q profit up - April 22, 1999

Bell Atlantic, GTE: Hold it! - April 14, 1999

  RELATED SITES

Bell Atlantic

GTE


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.