TELECOMMUNICATIONS

PacTel Execs Stand to Gain in Merger: The San Francisco-based firm’s top seven executives could receive “golden-parachute” payments totaling $25.2 million if they lose their jobs after the telecommunications company is acquired by SBC Communications Inc. Pacific Telesis Group Chairman and Chief Executive Philip J. Quigley could receive as much as $7.9 million, according to a Securities and Exchange Commission filing. The filing also said San Antonio-based SBC paid investment banker Lazard Freres & Co. $3 million to arrange the acquisition. SBC will pay Lazard Freres $4 million more when the transaction is approved by shareholders and an additional $8 million when it is completed. A PacTel spokesman said the company will ask California regulators to approve the purchase by SBC next week.