BT seeks closure on Concert

NEWS The future of Concert, the ill-fated joint venture between BT and AT&T, is expected to be determined soon. Both companies are exploring winding-down options for the operation with assets expected to be divided between them rather than sold off. BT chairman St Christopher Bland will be anxious to bring Concert to a close as he continues his programme of debt reduction. Another incentive for a quick resolution to the deal is that BT is expected to announce today that it will be forced to buy 21 per cent of AT&T Canada for £720m should the venture not be broken up within two years. However, AT&T is said to be less eager to close the deal as it faces hurdles replacing the telecoms unit internally, the Financial Times claims. BT's stake in Concert is worth around £1.2bn. Although the business telecoms outfit has turned in a profit in the past, it reported a £320m loss for its most recent quarter. +ss+Meanwhile, BT will today publish a prospectus outlining the demerger of mm02, formerly BT Wireless. Should the plans meet with shareholder approval at an extraordinary meeting on 23 October, mm02 shares will trade independently of BT on 19 November. Analysts last week downgraded their valuation of mm02 by a further £1bn, falling well below its original valuation of £15bn.