AT&T Pulls the Plug on T-Mobile Bid at FCC
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This past Thanksgiving, AT&T (NYSE:T) and Deutsche Telekom AG were not likely very thankful to the U.S Federal Communications Commission (FCC).
The FCC circulated a draft order last week, that outlined the commission's opposition to the pending $39 billion merger of Deutsche Telekom's T-Mobile USA unit and AT&T. That draft order in turn caused AT&T Inc. and Deutsche Telekom to announce on Thanksgiving that they were withdrawing the pending applications listed in the Public Notice released by the FCC.
"This formal step today is being undertaken by both companies to consolidate their strength and to focus their continuing efforts on obtaining antitrust clearance for the transaction from the Department of Justice," the two companies said in a joint statement. "As soon as practical, Deutsche Telekom and AT&T intend to seek the necessary FCC approval."
At the end of August, the U.S. Department of Justice made its own move to block the merger.