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TELECOM
NTL to take over Telewest Global
The $6 bil merger will create Britain's No. 2 telecom firm and the No. 1 residential broadband provider, with 5 mil residential phone and cable subscribers and $6 bil in annual revenue. Telewest shareholders will get $16.25 a share plus .115 NTL share for each Telewest share. NTL and Telewest will issue bonds worth $3.2 bil to finance the transaction. NTL fell 1% to 65.97. Telewest rose 1% to 23.17.
Spain telecom mulls $24 bil deal
Published reports say Spain's Telefonica is ready to buy Dutch telecom Royal KPN for $24.1 bil. Telefonica denied the report, and KPN declined comment. Telefonica is Spain's biggest telecom; KPN is the Netherlands' former state phone company. KPN rose 5.5% to 9.49. Telefonica ...