The French government OKd a merger with ITT.
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The government said it won’t oppose a previously reported agreement between state-owned Cie. Generale d’Electricite and ITT Corp. to form a joint telecommunications venture effective Friday. The result will be the world’s second-largest--to AT&T--telecommunications; group, with annual revenue of about $10 billion. ITT is to divest its worldwide telecommunications business to a joint subsidiary, receiving $1.5 billion and a 37% stake.
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