Did Bt Miss The Boat?
How quickly the mighty fall. Just seven months ago, British Telecommunications was mulling a bid for Spanish rival Telefonica, whose lower market value made it tempting prey. But even as BT's bankers were running the numbers, Telefonica was mounting a defense. To boost its market cap, the Spanish company was leading European telcos in a strategy of New Economy spin-offs, from its Internet offshoot,
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