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Vodafone loses AT&T Wireless battle

Cingular outbids

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The bidding battle for AT&T Wireless is over and Cingular has won.

Vodafone and Cingular put in bids late last night. Vodafone was believed to have offered around $38bn, or $14 a share. But Cingular snapped up the US's third largest mobile operator.

Cingular paid $15 a share, valuing the company at about $40.7bn, according to CNBC.

One industry observer suggested that even though the bid did not go through, Vodafone has succeeded in driving up the price any rival has to pay.

Vodafone shares rose slightly in early trading as investors welcomed its departure from a bidding war. ®

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