How do you cap a week during which the biggest-ever telecommunications merger was announced?
With the biggest telecommunications trade conference in the world. An estimated 200,000 people converged on Geneva, Switzerland, Saturday for
Amid the din of deals and expansions,
said it was willing to buy out its two partners in
, a U.S.-French-German telecommunications alliance that has been plagued by infighting. Fred Rucker, a member of Global One's executive board, told
he estimated the venture was worth well more than $10 billion.
The other two partners are Germany's
and the U.S.'
, the recipient of the record $115 billion bid from
Deutsche Telekom also plans to sell its 10% stake in Sprint.
has acquired a 15% stake in
, a privately held company in La Jolla, Calif., that makes smart phones. Siemens is aiming to triple its mobile phone sales by 2001. The purchase price was not disclosed.
wants to ease
traffic congestion in Europe -- online traffic, that is. The company said Sunday it is opening offices in Europe, where cable TV companies, Internet firms and telecommunications carriers are trying to meet a surging demand for the Internet.
is looking to increase its own access to European consumers. The company is eyeing the purchase of half a dozen telecommunications companies there, Walter Burmeister, president of the privately held
. FaciliCom is now merging with World Access.
, a U.S. network operator, said Sunday it will soon announce acquisitions in Europe or Asia. The company recently bought
is in talks to buy a 25% stake in Germany's digital television company
, the U.K.'s
newspaper reported Sunday. Murdoch's
is looking to expand its presence in Europe.
Real Time Synthesized Entertainment Technology
may soon make its debut on the
Frankfurt Stock Exchange
. The company is a subsidiary of Israel's
, which announced Sunday the hiring of two European underwriters for the deal.
, the British supermarket giant, is shopping for a partner. In the face of mounting competition, the company is looking for potential buyers in the U.S. and Europe, the
in London reported. Its rivals include
, the latter of which was earlier this year taken over by
United Auto Workers
reached a tentative agreement after a marathon contract negotiation session that lasted nearly 30 hours. Details were not disclosed, but sources told
the union agreed to let Ford spin off its
parts unit as long as the unit's workers are still considered Ford employees.
Think polo playing in an orchard.
, which makes
Fruit of the Loom
and other brands of apparel, said Sunday it was launching a $525 million bid to buy swimwear company
, whose brands include
Polo Ralph Lauren
In Canada, just over 94% of the
Canadian Auto Workers
three-year contract proposal, the union announced Sunday.
In the Papers
Deutsche Telekom is in talks with
, unnamed sources told German weekly newspaper
Welt am Sonntag
. The sources did not reveal the focus of the discussions. Speculation about some sort of Deutsche Telekom acquisition is rampant, especially with the money it stands to gain from selling its stakes in Global One and Sprint.
denied a report in the
that the airline was planning cutbacks. A company spokesman told
that, within the next year, Virgin Atlantic actually plans to add routes from London to Chicago, Cape Town, Las Vegas and Nigeria.
After selling the idea of a merger to the customers of banking giants
, CEO Richard Kovacevich is now trying to sell them on a myriad of financial services. He told
that cross-selling is the key to Wells Fargo's growth. The company is looking at buying small Midwest banks, but would not comment on speculation that targets may include
is trying to keep shareholders as other companies invade its turf. Exodus, which operates server farms, has seen its losses drop 41% this year, but CEO Ellen Hancock told
she predicts a turnaround within the next two years.
also features an interview with Anthony Weber, who manages the
Alleghany/Veredus Aggressive Growth Fund. His stock picks include
Optical Coating Lab
David Rheingold is a New York-based freelance writer. At the time of publication he had no positions in any of the securities mentioned, although holdings can change at any time.