AT&T; Presents Plan for Its Breakup

AT&T; Corp. filed a preliminary proxy seeking approval from its shareholders to break up the telecommunications giant into three companies with four stocks. A meeting will be held in late summer or the fall to vote on the plan that was announced in October, the company said in the proxy at the Securities and Exchange Commission. The filing also explained how AT&T;’s debt would be divided among the four units.

The company said it’s on track to complete the breakup next year. Shares of New York-based AT&T; rose 49 cents to close at $21.90, while AT&T; Wireless rose 80 cents to close at $19.20, both on the NYSE.