Telecommunications: Ways to survive a sea of troubles
For much of the 1990s, M&A meant one thing to telecoms companies the creation of cross-border empires. Aware that their home markets were under attack from new start-up companies such as WorldCom in the US and Colt Telecom in the UK, the former monopolies went on an overseas buying spree picking up minority stakes in emerging market monopolies and mobile-phone operators whenever they came up for sale.
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