Deutsche Telekom mulling bid for Sprint Nextel
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The Associated Press
FRANKFURT, Germany (AP) — Deutsche Telekom AG is considering a bid for Sprint Nextel Corp., according to a media report Monday.
Bonn-based Deutsche Telekom did not immediately comment on the report in The Wall Street Journal. Were it to make such a deal, it would catapult its T-Mobile wireless unit to the top spot in the U.S. market.
Sprint Nextel spokeswoman Leigh Horner said the company had no comment. Shares of Overland Park, Kan.-based Sprint Nextel gained 83 cents, or 10.5 percent, to $8.72 Monday.
In its report, The Wall Street Journal said deliberations were at “a preliminary stage and management may very well turn away.”
Any bid, the paper’s sources said, “could still be weeks, or even months away.”
Sprint Nextel is the third-biggest provider of cell phone services in the U.S. and has a market capitalization of approximately $22 billion. AT&T Inc. and Verizon Wireless are the top two U.S. providers.
T-Mobile is No. 4 in the U.S. market, but the unit has proved key to Deutsche Telekom, given that just slightly more than
50 percent of its annual sales now comes from markets outside of Germany, its home base. Last year, the company posted sales of 65.2 billion euros ($100.8 billion) worldwide on 19.3 billion euros in operating profit.
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