P.M. BRIEFING : Telecommunications Bid Lofted
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LONDON — Northern Telecom, a leading Canadian telecommunications firm, said today it has launched a $3.75-billion takeover offer for the British electronics firm STC, one of the biggest takeover bids this year.
Northern Telecom already owns 27% of the British firm, and analysts had been expecting a full bid.
The takeover would give Northern Telecom a foothold in the European markets for communications equipment.
STC, involved in restructuring this year, is selling its ICL computer business to Fujitsu of Japan.
The takeover bid marks one of the largest of 1990 and one of the biggest cross-border deals ever in telecommunications.
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