9,000 lost jobs will be mostly white collar

Article Abstract:

Exxon's $73.7 billion acquisition of Mobil will lead to the removal of 9,000 employees or 7.3% of the combined workforce of 123,000 as part of the merger agreement. Industry analysts and union leaders believe that the white-collar workers will be the hardest hit and that refinery workers and other union laborers will be the least affected because of previous job cuts during the past 10 years. However, the two companies have yet to announced how the job cuts will be distributed.

Acquisitions & mergers, Petroleum and Coal Products Manufacturing, Petroleum, Mobil Corp.

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BellSouth buys slice of Qwest

Article Abstract:

BellSouth announced that it will acquire 10% of rival Qwest for $3.5 mil to boost its move into long-distance and Internet services. The purchase will not only give BellSouth access to Qwest's new voice and data services but also new markets that could prove strategic to its goal to become a global carrier. Qwest CEO Joe Nacchio expects the deal to give the company added leverage in the industry as well as gain new customers for the company.

Wired Telecommunications Carriers, Local Telephone Service, BellSouth Corp., Local telephone services

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