Three Horned Threat

If this mega-alliance goes through, it could lock up a major segment of the European market. Deutsche Bundespost Telekom, Germany's state-owned phone monopoly, is the biggest international carrier in Europe and the second-largest in the world, with France Telecom, another national monopoly, right behind it. The two have a joint venture to service corporate customers; In June, they agreed to bring Sprint Corp. on board, paying $4.2 billion for a 20% stake in the U.S. long-distance carrier.

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