Biz Watch

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Have you heard? Telecom stocks are back

Dialing for Dollars
It's not quite déjà vu all over again, but European tech and telecom stocks are suddenly hot. After three years of gut-wrenching decline, survivors of the late 1990s bubble have reined in debt and are looking to grow again. A flurry of merger activity last week — both real and rumored — demonstrates the new mood. Shares in Britain's mobile-phone service mmO2 soared almost 20% after it rebuffed a merger offer of about €13 billion from Dutch phone operator KPN, while France Télécom boosted the valuations of several Internet service providers with its €3.9 billion...

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