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Updated from 8:57 a.m. EDT
Shares of Sprint Nextel (S Quote) surged Monday on a report that Deutsche Telekom (DT Quote) was close to bidding for the flagging wireless carrier.
The Wall Street Journal reported that a bid for Sprint from Deutsche Telekom was at a preliminary stage and management could walk away before making an offer, according to people close to the deal.
Currently, Deutsche Telekom's T-Mobile unit is the fourth-largest wireless carrier in the U.S., with roughly 28.7 million customers. If Deutsche Telekom were to acquire Sprint, which has a market capitalization of $22 billion and had 53.8 million total subscribers at the end of 2007, it would propel T-Mobile to the top wireless position in the U.S. ...
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