Business Services Industry
Global Crossing, Asia Global Crossing End Merger Talk
Communications Today, Nov 7, 2001
Global Crossing [GX] and Asia Global Crossing [AX] announced that, due to current market conditions, they have terminated discussions regarding a merger. The parties said that they might re-evaluate the merits of a merger in the future.
The two companies said in early October that they were considering merging after naming John Legere CEO of both companies. Legere had been CEO of Asia Global Crossing, and took over for Tom Casey as CEO of Global Crossing. Gary Winnick, Chairman of both Global Crossing and Asia Global Crossing, stated in early October that in addition to strategic benefits, a combination would result in cost savings, operational efficiencies and enhancement of product- service integration.
But apparently that won't be happening any time soon. >TK Compaq [CPQ]: EMC [EMC]: Veritas [VRTS]:
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