It's official. After months of negotiating with state and federal regulators, BSAT&T Inc. closed on its $85 billion stock-for-stock acquisition of BellSouth Corp.
BS AT&T said it would repatriate 3,000 jobs outsourced by BellSouth, but did not give details or say how that would affect its expectation, announced in March, that the deal would result in 10,000 job cuts by 2009.
BS AT&T has built an efficient takeover machine that can get a deal past regulators in a year or less. The $41 billion AT&T Wireless deal was wrapped up in seven months; to buy BS AT&T Corp., SBC had 450 lawyers pore over 80 million pages of documents and ship 15 million pages to regulators, getting the okay in less than ten months. "We can integrate that stuff," Whitacre says. "We can make it work, and that's one of the banes of these takeovers--making it work."
Leadership at BellSouth filed with the Security and Exchange Commission this week for its upcoming merger with Fake AT&T (aka - SBC, Ameritech, PacBell).
While highlighting the benefits of the merger BellSouth said it doesn't actually compete against Fake AT&T in the local, long-distance or video market, the merger wouldn't reduce competition in any of those markets.
Source: Bloomberg Reports.
qualityg says ... Of course you don't compete (Duh), that is what people/groups have been saying for years (since 1986). I thought "Divestiture" was to bring about competition between the Regional Bell Operating Companies (tongue in cheeck)?
What a joke the State and Federal Regulators are in the handling of the Telecom catastrophe.
Other posts on Fake AT&T and BellSouth by qualityg -- http://qualityg.blogspot.com/2006/03/fake-att-is-nearing-deal-to-acquire.html
Leadership --> SBC-AT&T Merger - AT&T kicks off its biggest ever ad campaign "Your World. Delivered" who will deliver? Carrot Top or Moses?
Is Fake AT&T Loyal to their Customers or to the Governments
where they do business?
In May Fake AT&T and other big phone companies like Verizon came under attack for reportedly handing information over to the goverment. A lawsuit by a privacy rights group contends that AT&T has given the National Security Agency real-time access to Internet communications.
This month Fake AT&T has gone one step farther. Their new policy announced yetseray advises Internet and video customers that AT&T plans to track their viewing habits. AT&T also lays claim to the use of customer data "to protect its legitimate business interests, safeguard others or respond to legal process."
Local and Long lines are not mentioned, I guess it's because they have been doing that for years.
So, the question remains Who is Fake Big T loyal to their customers or the feds?
qualityg says ... Fake AT&T is loyal only to themselves (Double Duh). Years ago it was different but like they say this ain't your Momma's phone company.
Fake AT&T will soon be called BS AT&T
Fake AT&T will buy BellSouth for $67 Billion Dollars. Once the purchase is approved by federal and state regulators Fake AT&T said it will cut around 10,000 jobs and thus become
Company leadership says the cuts will take place over a 3 year period. Please understand this is a standard press release statement. What is not being told is the current slashing of jobs in both companies that is going on now to get down to a set number that must be met prior to final approval. The number will be well into the 20 thousands before this deal is done. When AT&T and SBC merged, 13,000 jobs were eliminated, not counting the ones prior to the actual merger.
Proof - Check with past employees from PacBell, Ameritech and the old AT&T. Check the headcount numbers. Check the unemployment figures. Check their Margins, oh it will look good, it's based on body bag count for these type of companies.
The BS that surrounds these type of mergers is really getting silly. They always are accompanied by a statement that says the new company BS AT&T will now be able to comptete more effectively in the telecom market place by passing on reduced costs to the customer.
What also be reduced is the taxes that will be paid to the communities where all these folks worked. What will be reduced is the amount of dollars and time to charities. What will be reduced is the standard of living for thousands of employees.
Since divestiture in 1984 and every merger since then has resulted in the reduction of jobs and the quality of work that is being done by the telecom and cable companies. It has brought greed and scandal through out the industry (World Com, Global Crossing, QWEST, AT&T ...).
Shareholder value has been nothing to brag about, old AT&T dragged down the whole telecom sector with bad management during the Armstrong era.
Note to shareholders - Be aware of the class action suit against AT&T Wireless that was part of AT&T prior to the IPO. BS AT&T will have to pay the price for the result of piss poor management decisions by Armstrong, Zeglis, Noski and Roscitt. The stock prices are virtually controlled by leadership - steady as she goes, up a few dollars, down a few dollars. Both BS and Fake AT&T will be up next week and then hold steady until the merger, then back down a few dollars and then steady as she goes.
BellSouth employees welcome to the jungle.
BellSouth execs congratulations on all the bonuses and perks you will be getting when you are let go.
BellSouth's four top executives could reap millions of dollars if they lose their jobs within two years after the merger with Fake AT&T takes place. The executives would be entitled to three times their annual base pay, plus three times their standard annual bonus, if they are terminated without cause or leave for good reason, according to BellSouth's proxy statement filed last week with the Securities and Exchange Commission. They also would receive an immediate cash-out of their bonus for the year they leave.
qualityg asks ... Where the heck is the CWA? You should be ashamed of yourselves. Why don't you merge with the UAW and keep looking in the rear view mirror.
BS AT&T beats estimates
BS AT&T reported yesterday they beat Wall Street assholes (I mean analysts') estimates for
the second-quarter. Net Income rose 81% to $1.81 billion, or 46 cents per share.
qualityg asks ... How did you guys do that? The boosted figures and future forecast savings are from JOB CUTS and network fees a leader from BS AT&T says. If you read my post (above) from a few days ago you will see I wrote that heavy cuts have been taking place already before the merger. We don't get to read those figures.
qualityg says ... you are a swell bunch of punks.
Forbes January 2007 edition says ...
America's 400 Best Big Companies - COMPANY OF THE YEAR at&t
Cloning Ed WhitacreTim Doyle 01.08.07
Tall, smart, driven, seasoned and as sturdy as a telephone pole. That aptly describes AT&T (nyse: T - news - people ) Chief Executive Ed Whitacre--but also it pegs his likely successor, Randall Stephenson.
Stephenson, 46 and a lifer at what is now AT&T, has been chief operating officer since
mid-2004 and was named to the board in June 2005. He hasn't been publicly named to
succeed Whitacre, who retires in April 2008.
qg says ... What about Double D? (Dave Dorman)
AT&T's Ed Whitacre built the runt of the Baby Bells into the largest telecom compnay in the world. His hunger for takeovers is unsated.
AT&T, BellSouth Nearing FCC Approval
It's Christmas - I'll be good.
Fact: When AT&T (old original) bought Teleport Communictons Group (TCG) it also got miles and miles of "Dark" Fiber (in ther ground but not being utilzed) across the country. The City of Dearborn in Michigan has the most. Let's see where they go first in 2007 to attack Comcast.