|
AT&T-BT approval near
|
 |
October 8, 1999: 6:26 p.m. ET
Armstrong says companies close to getting FCC nod for $10B venture
|
NEW YORK (CNNfn) - AT&T Corp.'s chairman said Friday the company is close to gaining final regulatory approval for its $10 billion joint venture with British Telecommunications to provide international telephone services to businesses.
The deal has met with tough regulatory scrutiny since the companies made the announcement in July 1998.
C. Michael Armstrong, AT&T (T) chairman and chief executive, said the Federal Communications Commission is ready to give the nod, removing the final barrier to completing the deal.
"We know of no objections or issues at the FCC, so we believe that removes any last doubt there is," Armstrong said in a conference call.
The FCC's decision has been delayed while AT&T and British Telecom (BTY) conducted negotiations with the FBI and the Justice Department, which wanted assurances that law enforcement agencies will have access to their networks.
The Justice Department had approved the venture earlier this year.
Through the venture, which AT&T and BT have dubbed Concert, the companies will combine voice, data and Internet services for multinational businesses.
AT&T shares rose 1/2 to close at 47-7/16. British Telecom's American depositary receipts added 3-15/16 to close at 165-7/16.
-- from staff and wire reports
|
|
|
|
|
|
AT&T
British Telecom
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
