ASHBURN, Va., September 28, 2004 - The European Court of First Instance in Luxembourg today overturned a June 28, 2000 decision by the European Commission that blocked the company, then known as WorldCom, from merging with Sprint. The decision has been in the appeals process for the past four years. The Court ruled that the European Commission's (EC) decision was procedurally defective, removing it as a legal precedent.
The following statement should be attributed to Stasia Kelly, executive vice president and general counsel of MCI:
"Four years ago, we argued that the global Internet environment was rapidly changing and that no competitor could exercise sole market power. Time has proven those arguments to be true."
"Today's favorable ruling will ensure that future technology services transactions will receive a fair and appropriate review. And while the companies elected to pursue separate strategies after the European Commission's initial reaction in 2000, we believed a decision that so misperceived the highly-competitive nature of the Internet marketplace should not be allowed to stand and affect future transactions in this highly-dynamic industry."
About MCI
MCI, Inc. (NASDAQ: MCIP) is a leading global communications provider, delivering innovative, cost-effective advanced communications connectivity to businesses, governments and consumers. With the industry's most expansive global IP backbone, based on the number of company-owned points-of-presence, and wholly-owned data networks, MCI develops the converged communications products and services that are the foundation for commerce and communications in today's markets. For more information, go to www.mci.com.
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Name: | Peter Lucht |
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E-mail: | peter.lucht@verizon.com |
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