Who's Afraid Of At&T?

For years, the world's big telephone companies have been trying to build up business outside their secure home markets. But most of the efforts have been cautious, if not timid. Everyone, it seemed, was waiting for the other company to make the first major move. Then, suddenly, it was done: On June 2, British Telecommunications PLC agreed to pay $4.3 billion for a 20% stake in MCI Communications Corp. Now, the race is on among telecom companies to do similar deals. The goal: to become one mf the giants that conquer the global telecom market.

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