US West Sells 65% of Global Crossing Shares

US West Inc. said it sold 65% of its stake in Global Crossing Ltd. to take advantage of a rebound in the shares. The local phone company sold about 24 million shares, valued at $1.15 billion, at an average of $47.92 each. It paid $62.75 for the shares last June as part of a planned merger with Global Crossing that was canceled. Global Crossing shares fell to as low as $20.25 in September. The sale marks a step toward disentangling Global Crossing from US West, which is merging with Qwest Communications International Inc. in a deal set to close in mid-2000. US West said selling the Global Crossing stake will reduce fourth-quarter earnings by about 44 cents a share. Analysts had expected the Denver-based company to earn 78 cents. Shares of US West rose $1.81 to close at $72 on the New York Stock Exchange. On Nasdaq, Denver-based Qwest rose 94 cents to close at $43, while Bermuda-based Global Crossing gained $2.19 to close at $50.