Business Services Industry
New York PSC conditionally approves merger of Bell Atlantic, NYNEX; DoJ decision awaited. (New York Public Service Commission; Dept. of Justice)
Business Insurance, April, 1997
The New York Public Service Commission conditionally has approved the proposed $23 billion merger of NYNEX Corp. into Bell Atlantic Corp. In a unanimous vote March 20, the PSC approved the proposed deal subject to the companies' meeting certain service-quality and market-opening standards. Approval by New York regulators was the final state action needed, but the companies still await federal regulatory decisions.
The Justice Department and FCC still are reviewing the proposed merger. The companies acknowledged that their April 1 target date for completing the merger likely will slip because of the pending federal reviews. "At the federal level, the process is taking longer than we had expected," they said. The PSC's approval was something of a compromise, forcing...
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