AT&T Drops Bid to Take Over T-Mobile
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David McNew/Getty Images(WASHINGTON) — AT&T has dropped its bid to buy T-Mobile.
AT&T said merging with T-Mobile would have created a stronger network, more coverage and tens of thousands of new jobs. The government objected to the $39 billion deal, saying the combination that would have created the largest cellphone company in the country would reduce competition and lead to higher prices.
AT&T will now pay Deutsche Telekom a $4 billion breakup fee.
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