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| note 25 |
| SUBSEQUENT EVENT (UNAUDITED) |
| On February 14, 2005, Verizon
announced that it had agreed to acquire MCI for a combination
of Verizon common shares and cash (including MCI dividends).
At the closing of the acquisition, Verizon will also assume
MCI’s net debt (total debt less cash on hand). This consideration
is subject to adjustment at closing and may be decreased
based on MCI’s bankruptcy claims-related experience and
international tax liabilities. The boards of directors
of Verizon and MCI have approved the agreement. In addition
to MCI shareowner approval, the acquisition requires regulatory
approvals, which the companies are targeting to obtain
in about one year. At least one other company has expressed
an interest in acquiring MCI. |
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