Merger Creates Cell-Phone Megacorp in the UK
Merger Creates Cell-Phone Megacorp in the UK
Posted 09/08/2009 at 6:16am
| by Paul Lilly
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According to The New York Times, Deutsche Telekom and France Telecom -- both of which have been struggling -- plan to join forces in a merger that would create the largest mobile operator in Britain.
As part of the 50-50 venture, the third and fourth largest operators would combine to form a single entity 28.4 million customers strong while gobbling up 37 percent of the market share, putting them ahead of current market leader O2 (27 percent) and Vodafone (25 percent).
"We evaluated all options over the last months and came to the conclusion that this would have the most value for our shareholders," Timotheus Höttges, the Deutsche Telekom chief financial officer, said. "This will give us a stronger foothold in the U.K. market than we had before."
If approved, the venture would generate around $5.7 billion in savings.;
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