经济学人下载:AT&T大笔吞并受阻

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AT&T's big merger blocked
AT&T大笔吞并受阻

Tripped at the altar
功亏一篑

RANDALL STEPHENSON has no time for doubts.
兰德尔?史蒂芬森没有时间疑虑。

In March, when the boss of AT&T, America's second-biggest mobile-phone operator, declared that his firm would buy T-Mobile USA, the number four, for a whopping $39 billion, he seemed convinced that the deal would pass antitrust muster.
3月，当美国第二大手机运营商AT&T老总宣布将以390亿美金收购第四大的T-Mobile USA时，他似乎相信这笔交易会通过反垄断的审批。

This is an intensely competitive marketplace,he said.
这是一个竞争激烈的市场他说，

When you a watch a show or a football game, what dominates the airwaves?
当你在看一个节目或者足球赛时，什么主宰着电波？

It's advertising for the mobile marketplace.
是移动市场的广告。

Mr Stephenson's optimism was misplaced.
在这件事上，史蒂芬森乐观错了。

On August 31st America's justice department filed a suit to block the proposed merger, arguing that it would substantially reduce competition for mobile services in America.
8月31日美国司法部提出诉讼要阻止吞并，并称这将会实质性的减少美国手机服务的竞争。

This does not mean that the deal is dead—yet.
但是，还不能说这笔交易告吹。

But to salvage it, AT&T must fight a long battle in court at a time when the Obama administration is signaling a tougher approach to antitrust enforcement.
但是，在奥巴马发出指示严厉打击企业垄断行为之际，AT&T公司若要挽回这笔交易，则需要在法庭上打一场长期战。

Or it must accept painful conditions in a settlement.
或者它只能忍痛接受和解条款。

Critics say the merger would create a predatory duopoly: AT&T and its main rival, Verizon, would have a combined share of about 80% of America's wireless market.
评论家说吞并会导致两家争霸的局面：AT&T和它的主要对手Verizon将占据美国无线市场80%的份额。

Nonsense, retorts AT&T. The merger would be good for consumers:
胡说，AT&T反驳道。吞并对于消费者来说则有利可图：

it would give them a choice between two strong national companies; it would let the firm expand its fourth-generation networks, not least in rural areas; and it would alleviate the shortage of radio spectrum.
这将使得消费者可以在两个全国大公司中做出选择；使公司扩展4G网络（，并且可以缓解无线电频谱短缺。

After five months of digging, America's antitrust regulators disagree. They reckon the merger would result in higher prices, fewer choices and lower quality products for mobile wireless services.
经过五个月的仔细琢磨，美国反垄断调查机构否决了这比交易。他们认为吞并会导致手机无线服务涨价、选择面减少并且质量下降。

Unless it is blocked, says James Cole, a deputy attorney-general, consumers will suffer.
如果不否决这比交易，消费者将受到损失。副司法部长James Cole如是说。

Regulators are particularly worried that the takeover would eliminate a disruptive competitor.
调查机构特别担心收购会消除一个能瓜分市场的对手。

T-Mobile has a history of cutting prices aggressively.
T-mobile有着大幅降价的历史，

It was also the first carrier to offer wireless e-mail, the latest high-speed networks and a smartphone using the Android operating system.
它也是第一个提供无线电子邮件服务，最新高速网络与Android系统的智能手机的运营商。

The justice department doubts that the deal would yield efficiencies to outweigh its negative impact.
司法部怀疑这笔交易产生的市场效益将超过其带来的不利影响，

And it argues that AT&T could improve its services simply by investing in its own network, rather than by removing a competitor.
并且认为AT&T若要提高其服务质量，只需要投资改善自己的网络即可，不需消除一个竞争对手。

An accidentally leaked AT&T document suggests that this would be cheaper:
一份意外泄漏的AT&T文件上说，这么做会更加便宜：

the firm does not need T-Mobile's spectrum and needed to invest only $3.8 billion to catch up with Verizon's 4G coverage.
公司不需要T-Mobile的频谱，只需要投资38亿美元即可赶上Verizon公司4G的覆盖率。

See you in court
法庭上见

The early signs are that AT&T is ready to fight.
早期现象是AT&T打算力争，

About an hour before the suit was announced, the firm said that it would bring 5,000 call-centre jobs back to America from offshore after the deal is approved.
在诉讼宣布的一个小时前，公司说如果这笔买卖获得批准，它将从国外带给美国本土5000个呼叫中心的职位。

Later, it vowed to see the government in court.
不久它就发誓要和政府在法庭上见。

In July it hired investment bankers, signalling that it is willing to divest assets to gain regulatory approval.
七月，它雇佣了投资银行，意味着它愿意剥离资产以获得调查机构的准许。

Whether all this will be enough to save the deal is unclear.
这么做是否可以挽救这笔交易尚不清楚。

Shortly before the suit was announced, a poll of telecoms experts by Stifel Nicolaus, a research firm, found that less than half expected the marriage to be approved.
在宣布诉讼的不久前，由Stifel Nicolaus进行的电信专家意见调查发现，不到一半人认为这场并购会得到许可。

Julius Genachowski, the chairman of the Federal Communications Commission, which must also give its blessing, seemed to back the DOJ's stance.
并购需要联邦通讯委员会的首肯，但是其主席Julius Genachowski似乎支持司法部的立场。

If the justice department were to succeed in blocking the takeover, that would be quite a blow for Mr Stephenson and AT&T.
如果司法部分成功阻止的吞并，这将对史蒂芬森与AT&T是个不小的打击。

But there would also be some happy faces.
但是也有人对此欣然自得。

The prospects of Sprint Nextel, America's third-biggest wireless carrier, would suddenly be rosier:
美国第三大无线运营商Sprint Nextel的前景瞬间变得明朗：

its shares rose by around 7% on the news.
接到消息后，其股价上升了7%。

And T-Mobile USA, which is owned by Germany's Deutsche Telekom, may get another lease of life.
德国德意志电信公司的T-MobileUSA可以得到继续生存的机会。

If the deal is blocked, it will get a break-up fee of $3 billion, a chunk of spectrum and a favourable roaming agreement. Being jilted at the altar can be lucrative.
如果这笔交易受阻，该公司将获得30亿的分手费、一大批波段以及有利的漫游协议。在婚礼上被甩也可以带来好处。