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US telecom giant GTE Corp says it is acquiring Herold Business Data AG, Austria’s largest telephone directory publisher. In conjunctions with the acquisition, the Austrian telephone company, Post & Telekom Austria has agreed to enter a joint venture with GTE to pick up a 26% stake in HBD on January 1. The transaction with the PTA is contingent upon approval by the Austrian antitrust authorities and could take about six weeks to close. Financial details of the two deals were not disclosed.

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