Qwest courts MCI for telecoms take-over
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Posted in Financial News, 4th February 2005 12:18 GMT
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MCI - the telco formerly known as WorldCom which emerged from Chapter 11 bankruptcy protection in April last year following its damaging$11bn (£5.8bn) accounting scandal - could be the target for a take-over.
Reports from the US claim Qwest Communications International Inc. is considering splashing out $6.3bn (£3.3bn) for the telco.
But there are also murmurings that other telcos could be interested in snapping up MCI, with Verizon Communications reportedly also holding talks.
Earlier this week US telecoms giant SBC announced plans to acquire former parent AT&T for $16bn (£8.5bn) in cash and shares. The mega-merger is expected to deliver huge cost and network efficiencies, with 13,000 workers axed from the company. ®
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