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AT&T 'not backing down on merger negotiations'

Telecommunications company AT&T has said it will not back down on its fight for a merger with T-Mobile.

08 December 2011

Telecommunications firm AT&T has refused to back down on its push for a merger with T-Mobile USA, which may see the company trying different negotiation strategies to get the deal approved.

At the UBS Conference on Global Media in New York City yesterday (December 7th), AT&T chief financial officer John Stephens confirmed the organisation is not giving up on reaching an agreement.

The US Department of Justice and the Federal Communications Commission are against the $39 billion (£24.95 billion) deal going ahead, fearing it would lessen competition in the market.

But Mr Stephens said: "We continue to move forward with our efforts to complete the T-Mobile transaction ... and we will continue to pursue the sale."

He added AT&T has $10 billion on its balance sheet for the merger as well as a $20 bridge facility and $8 billion for backup.

Senior executive vice-president of external & legislative affairs at the company Jim Cicconi recently responded to the FCC's disapproval by saying the body's decision was "an advocacy piece and not a considered analysis".

Posted by Edel Quinn

Sources: Reuters, Wall Street Journal, Ars Technica, December 7th 

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