Friday, November 10, 2006

MERGERS & ACQUISITIONS

Rep. John D. Dingell (D-Mich.), in line to become chairman of the House Energy and Commerce Committee, said he would not seek to delay a decision on AT&T's proposed acquisition of BellSouth.

On Wednesday, Dingell, left, said it would be in the best interest of the Federal Communications Commission to wait until after the first of the year to decide. The FCC has delayed a vote on the merger three times.

In a television interview later, he said he had "not said that it should be delayed" but that the proposed deal should be "looked at and looked into carefully."

Jodi Seth, a spokeswoman, said Dingell "believes the FCC should take the time it needs to thoroughly examine the matter even if it takes until next year."

Texas Instruments introduced a chip for wireless phones that will cut the price of handsets sold in China and India.

The eCosto chip is aimed at reducing the price of phones with such features as video and music-playing. The chips will be initially used in phones called 2.5 generation. The most advanced handsets sold in industrialized countries are called third generation, or 3G.

InPhonic was sued by a cellphone customer, Joe Shields of Galveston, Tex., who said the wireless communications company sent him thousands of "wireless spam" ads in text messages that he had to pay for.

Shields asked for more than $5 million in damages and class-action status for the suit.

Expedia said third-quarter profit fell 28 percent, to $59 million. Revenue rose 5 percent, to $613.9 million.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.