week in review Bowing to the objections of federal regulators, AT&T withdrew its $39 billion bid to acquire T-Mobile.
In August, the U.S. Department of Justice sued to block the merger. And in November the Federal Communications Commission indicated it opposed the merger as well. In both cases, the Justice Department and the FCC said that the merger between the second largest and fourth largest wireless phone companies in the U.S would harm competition. The FCC went as far as to say in its report of the merger that the deal would result in massive layoffs and would not be in the public interest.
Source: CNET News
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