At&T Is No Smooth Operator In Europe

Chalk up another failed alliance in Europe for AT&T. On Mar. 26, the U.S. telecom powerhouse lost a bid for an equipment joint venture with $1.5 billion Italtel, a unit of Italian telecom giant Stet. Germany's Siemens walked away with the prize. The loss couldn't have stung more: AT&T should have had an inside track through its 20% stake in Italtel. But for all AT&T's might, the world's largest telecommunications company has stumbled repeatedly over the past decade in its efforts to gain a major slice of the European market (table).

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