Cable & Wireless Plc originally approached AT&T Co and suggested that it take a 20% stake in Mercury Communications Ltd last October according to the Wall Street Journal, which says that when the talks were adjourned pending the outcome of the UK General Election, AT&T was still holding out for 51% and control, something Cables was not prepared to accept; after its experience with Ing C Olivetti & Co SpA, AT&T is leery about entering into any joint venture agreement where it doesn’t have management control.
