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BRITISH TELECOM AND AT&T ANNOUNCE DISMANTLING OF CONCERT JOINT VENTURE.

British Telecom (BT) and the American operator AT&T have announced the dismantling of their Concert joint venture created in 1998 to provide telecommunications services to multinationals. This announcement had been expected by the markets for months. Owing to recent disappointing results from Concert, the two groups have been seeking a "way out" since 2001. The dismantling of the venture will lead to 2,300 job cuts, according to a statement issued by BT. Remaining staff at Concert (which employs a workforce of 6,300) will be reintegrated into the two mother-companies. Concert is expected to record an operating loss for 2001 of GBP550 million (Euro 873 million). The priority will be to guarantee the smooth transfer of client services. BT and AT&T will each take up the share of activities they initially contributed to the venture. The two operators also propose to terminate their joint venture in Canada, AT&T taking up BT's share in the company...JJ:(AFP)

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Publication:European Report
Article Type:Brief Article
Geographic Code:1USA
Date:Oct 24, 2001
Words:161
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