Mergers: Objector at the Wedding

Presiding over the merger marriage of the International Telephone & Telegraph Corp. and the American Broadcasting Cos. into a $2 billion corporation, the Federal Communications Commission approved the union seven weeks ago and allowed a formal exchange of stock. But one day before the merger was effective, the Justice Department behaved like a guest who rises to stop a wedding ceremony when the minister asks for final objections. Justice's antitrust lawyers demanded a postponement and reconsideration of the move because of the possibility of "competitive dangers." Last week, after more hot debate, the commission by a 5-to-2 vote agreed...

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