AT&T announces plans to acquire Atlanta-based BellSouth in a deal worth about $67 billion. The move would dramatically expand AT&T, which already has more customers than any other U.S. telecommunications company. The new company would also have full control of Cingular Wireless, the largest cell phone provider in the U.S.

Under the deal, AT&T will pay about $38 for each Bellsouth share of stock and an 18 percent premium from the last closing price on the New York Stock Exchange. AT&T will also assume $22 billion of BellSouth debt.

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