MCI Shareholders OK Acquisition by BT

MCI Communications Corp. shareholders approved British Telecommunications’ planned $23.6-billion purchase of the 80% of MCI it doesn’t already own. About 77% of MCI’s shareholders voted at their annual meeting to approve the deal, which would create a company called Concert, the fourth-largest telecommunications company after Nippon Telegraph & Telephone Corp., AT&T; Corp. and Deutsche Telekom. The firms announced the transaction in November, with BT offering $6 in cash and 0.54 BT American depositary receipt per MCI share. BT also would assume $4 billion in MCI debt. The acquisition faces review by European and U.S. regulators. Six shareholder lawsuits have been filed against Washington-based MCI, charging the company with accepting an offer that was too low.