Thursday, July 20, 2006

Shareholders Approve AT&T + BellSouth Merger

Stockholders of AT&T voted overwhelmingly to approve the issuance of common stock to BellSouth shareholders in connection with AT&T's acquisition of BellSouth. The proposal was approved by more than 98% of the votes cast.

Separately, shareholders of BellSouth voted to approve the acquisition. Approximately 97 percent of the shares that were voted approved the merger.

The two companies have now received clearance from regulators in all three foreign countries requiring a review as well as from 14 of the 18 U.S. states where they have filed for approval. Reviews continue in four other states and at the U.S. Department of Justice and the FCC.

The companies said they expect to complete the merger this fall. They also that by merging AT&T, BellSouth and Cingular under one brand and by creating a single wireless and wireline network they would be able to offer integrated communications and entertainment services.

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