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U.S. markets recover from steep losses
WASHINGTON, Oct. 11 (UPI) -- The U.S. Department of Justice Wednesday cleared AT&T's purchase of BellSouth.
The approval "underscores the competitive nature of our industry," AT&T General Counsel James Ellis said in a statement. Ellis said the merger of BellSouth would help deliver more product choices to consumers.
Thomas O. Barnett, assistant attorney general in charge of the Antitrust Division said the division determined the merger "is not likely to reduce competition substantially."
Barnett, in a statement, said the division reviewed all areas in which the two companies currently compete, as well as the merger's impact on future competition for wireless broadband service. It concluded that the merger didn't hinder competition and may result in cost-savings for the consumer, he said.
In March, AT&T, San Antonio, announced its plans to purchase Atlanta-based BellSouth for $67 billion in stock. Previous reports indicated the deal would give AT&T a 22-state operational span and $130 billion in annual sales.
The Federal Communications Commission also is reviewing the merger, Ellis said.
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