Telephone Merger Approved: Shareholders for Contel Corp....
Telephone Merger Approved: Shareholders for Contel Corp. and GTE Corp. overwhelmingly approved a $6.2-billion merger that will create the nation’s second-largest mobile-cellular telephone company. GTE said about 98% of shareholders at its meeting in Stamford, Conn., or voting by proxy approved the merger. Atlanta-based Contel said it received about 97% approval. The merged firm would be second in size only to McCaw Cellular Communications Inc. Remaining regulatory hurdles are expected to delay completion of the merger until the second quarter of 1991.
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