In Brief : AT&T; Bid Expected for British GE
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LONDON — American Telephone & Telegraph Co. is expected to take part in a planned consortium bid for General Electric Co. PLC of Britain, a respected financial daily reported today.
Analysts said, however, that GEC’s defenses against a consortium takeover bid was strengthened by its announcement Friday of a merger with the U.S.-based General Electric Co. of their European consumer products, medical equipment and some electrical divisions.
The Financial Times reported that AT&T; is expected to confirm its participation in the dramatic bid for GEC this week following weekend negotiations with Lazard Brothers investment firm.
The Financial Times and other newspapers also reported that the British electronics firm Plessey Co. PLC made a bid to acquire GPT, an electronics company it jointly owns with GEC, citing a broken agreement between the two companies.
GEC, which itself has made a $3-billion bid with West Germany’s Siemens AG for Plessey, said it will fight to keep its share of GPT, reports in The Guardian and Financial Times said.
In the United States, AT&T; spokesman Walter Murphy declined to comment on the reports.
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