U.S. Extends Review of Sprint-Nextel Deal

U.S. antitrust authorities have extended their review of No. 3 U.S. wireless carrier Sprint Corp.’s planned acquisition of rival Nextel Communications Inc.

Antitrust lawyers have said they expected a second request for information in part because of the size of the deal in a rapidly consolidating industry. Nextel’s proposed acquisition by Sprint, which also is a traditional local and long-distance provider, is currently valued at $33.8 billion.

Nextel rose 44 cents to $28.93 on Nasdaq, and Sprint moved up 29 cents to $23.39 a share.

From Reuters

* As expected, federal regulators ruled that AT&T; Corp. skirted the law by failing to pay fees on its popular prepaid calling cards, a decision that could cost the long-distance company about $500 million.