NYNEX, BELL ATLANTIC SEAL MERGER DEAL.Byline: Mark Landler Mark Aurel Landler (born October 26, 1965 in Stuttgart, Germany[1]) is an American journalist who has been the European economic correspondent of The New York Times, based in Frankfurt, Germany, since July 2002[2]. The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times Ending a prolonged and public courtship, Bell Atlantic Corp. and Nynex Corp. agreed Sunday to one of the largest corporate mergers in U.S. history, people involved in the negotiations said. The two regional telephone companies plan to announce the deal Monday at a news conference in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , after a weekend of deliberations in which their boards unanimously approved the merger. The merger, coming after two years of on-again, off-again on-a·gain, off-a·gain adj. Informal Existing or continuing sporadically; intermittent or occasional: an on-again, off-again correspondence. talks, is breathtaking in size and scope. Together, Bell Atlantic and Nynex would be the second-largest phone company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. after AT&T - with a stock market value of $51 billion, annual sales of close to $27 billion, 127,600 employees and more than 36 million customers in 12 states. The new company would dominate telecommunications up and down the Eastern Seaboard - offering phone service in an almost unbroken line from the rocky promontories of Maine to the tidewater plains of Virginia. The deal continues a reassembling of the Bell System that was foreshadowed by the overhaul of the nation's telecommunications laws in February and began in earnest earlier this month when SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. Communications and Pacific Telesis announced they would become the first of the seven Bell companies to join forces. For consumers, the merger will have no immediate impact because the companies do not compete with each other directly. But for Nynex's 22,000 employees in the New York area, the deal could result in 1,000 to 2,000 lost jobs. The deal is subject to approval by federal and state regulators, as well as by the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. and the Securities and Exchange Commission. People close to the deal said the merger values Nynex at roughly $21 billion, making it the largest merger in telecommunications and the fifth-largest deal ever. Based on their latest stock prices, the companies would have a combined market value of $51 billion. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion