Stories by Rob Guth and Clare Haney

UPDATE: Merger Ends Qwest, Global Crossing Battle

Qwest Communications International Inc. and Global Crossing Ltd. yesterday announced separate agreements that end a five-week long takeover battle for two U.S. telephone carriers.
Denver, Colorado-based U.S. West Inc. agreed to merge with Qwest in a stock swap valued at US$34.7 billion [B], or $69 per share, the companies said. The combined entity, which will retain Qwest's name, will have a market capitalization of $65 billion [B] and pro forma revenues of $18.5 billion [B] in 2000, Qwest said in a statement issued yesterday.