文档介绍：AT&T, BellSouth to Merge
Combination Will Speed Innovation, Competition and Convergence
• bination of two leading wireline providers and joint owners of Cingular
speeds progress in integrated wireless/wireline services
• Substantial financial benefits for stockholders of panies; an
present value of $18 billion in synergies resulting from a more than $2 billion annual run
rate in synergies expected in 2008, growing to $3 billion in 2010
• Expect merger to be accretive to AT&T adjusted earnings per share in 2008, double-digit
adjusted EPS growth in each of next three years (earnings adjusted for merger
integration costs and amortization of intangibles) and significant growth in free cash
flow after dividends in 2007 and 2008
• AT&T's board authorizes share repurchase of 400 million shares by end of 2008; buy
back of at least $10 billion in shares over next 22 months planned, with the majority in
2007
• Merger will benefit customers and petition
San Antonio, Texas, Atlanta, ia, March 5, 2006
AT&T Inc. (NYSE:T) and BellSouth Corporation (NYSE:BLS) announced today an agreement to merge the
panies, bination that will create a more effective and efficient provider in the wireless,
broadband, video, voice and data markets.
The merger will streamline the ownership and operations of Cingular Wireless, which is jointly owned by
AT&