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Byline: Brian Cattell
LONDON -- German phone giant Deutsche Telekom AG said Tuesday it will not float its mobile unit T-Mobile this year because of unfavorable market conditions.
The company, which posted preliminary first-half results, also reported a large increase in net debt, magnifying the pressure it faces to sell non-core assets.
The Bonn-based former monopoly has already postponed several times a decision on when to float T-Mobile, partly to allow it to digest the $35 billion stock and cash acquisition this year of Bellevue, Wash.-based VoiceStream Wireless Corp. It said Tuesday it will wait until market conditions improve.