BT has successfully negotiated a cut of about 20% in the price it is paying to take over US rival MCI Communications.
The takeover deal, which was announced in November (subscribers see BT Merger Creates Murdoch Alliance), appeared under threat after BT said it wanted to renegotiate the terms of the deal. The new arrangement values the 80% of MCI that it does not already own at around $17 billion (£11 billion).
The new company, which will be one of the largest global communications companies, is to be called Concert and will be launched around the end of the year.
BT: 0171 356 5000
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