The U.S. Federal Communications Commission said it has restarted the clock on its review of AT&T Inc's (T.N) proposed $39 billion purchase of smaller rival T-Mobile USA. The FCC, which had started examining the deal in late April, had paused what is typically a 180-day review of the deal on July 20 after AT&T said it would submit new arguments to support its application. The regulator said it restarted the process on Friday, day 83 of the review, after it received answers to questions it had asked AT&T, the No. 2 U.S. mobile service. AT&T says it need to purchase the unit of Deutsche Telekom AG (DTEGn.DE) because it needs additional spectrum to offer high-speed wireless service. But the proposed deal has proven controversial as rivals such as Sprint Nextel Corp (S.N) have said the deal, which would vault AT&T to a leading position in the U.S. market, would hurt competition here.
AT&T Inc. is a holding company. The Company is a provider of telecommunications services in the United States and worldwide. Shares of T fell by 1.31% or $-0.3815/share to $28.68. In the past year, the shares have traded as low as $26.50 and as high as $31.94. On average, 27800000 shares of T exchange hands on a given day and today's volume is recorded at 5973231.
Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S traded higher by 0.77% or $0.025/share to $3.26. In the past year, the shares have traded as low as $2.98 and as high as $6.45. On average, 61531600 shares of S exchange hands on a given day and today's volume is recorded at 14925702.
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