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AT&T Pulls $39 Billion T-Mobile Bid on Regulatory Opposition

AT&T Inc.’s $39 billion bid to acquire Deutsche Telekom AG’s T-Mobile USA came to an end yesterday in a phone call between the companies’ chief executive officers, according to people familiar with the matter.

AT&T’s Randall Stephenson and Deutsche Telekom’s Rene Obermann ultimately agreed the costs of continuing to fight for the deal unveiled nine months earlier were too high, given the opposition from U.S. regulators, the people said. AT&T’s bid to close the year’s biggest acquisition and become the largest U.S. wireless carrier was over.