Financial Services Industry
Industry: Email Alert RSS FeedDeutsche Telekom's CEO seeks AT&T Wireless Deal.
Financial News, July, 2002
The German government made it clear Wednesday that it no longer wants Ron Sommer leading Deutsche Telekom. The government's 43% stake in Europe's biggest telecom company gives it a lot of say, but maybe not enough to remove him.The left-leaning federal government is having trouble finding a successor to the chief executive, people familiar with the matter said. And that is a hang-up with the workers' representatives whose votes the government will need at an extraordinary supervisory-board meeting scheduled for next Tuesday to discuss Sommer's fate.
In a bid to head off his detractors, Sommer is scrambling to cobble together a merger of the group's U.S. wireless unit, VoiceStream, with AT&T Wireless Services. The deal, which could be valued at more than $10bn...
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