Cable and Wireless drops lawsuit over deal with MCI

Article Abstract:

Cable and Wireless PLC (C&W) dropped its lawsuit against MCI Communications Corp. C&W claimed in federal court in Washington that MCI was about to cancel its deal to sell some of its Internet assets to C&W. MCI's chairman, Bert C. Roberts Jr., and C&W's chairman, Richard Brown, resolved to drop the suit after productive discussions between the companies. The end of the lawsuit clears the way for WorldCom Inc.'s push to win regulatory approval of its $37 billion takeover of MCI.

Comment:

Drops lawsuit against MCI involving sales of assests

Telecommunications, Telecommunications industry, Cable & Wireless PLC

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MCI meets with the EU on asset sales

Article Abstract:

MCI Communications Corp. and WorldCom Inc. executives met with European regulators to come up with a strategy to spin off MCI's Internet business. The executives also hoped to gain approval for MCI's $37 billion acquisition by WorldCom. European Union (EU) advisors have recommended that the deal be rejected by EU countries. However, the deal can still win approval providing that both parties reach an agreement.

Comment:

MCI and WorldCom executives hope to win approval from EU regulators for their $37 billion merger

European Union, Public affairs, Domestic Voice Telephone Service, Domestic telephone services, MCI Inc.

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