Cingular confirms winning bid for AT&T

Cingular Wireless, the joint venture between SBC Communications Inc and BellSouth Corp, has officially confirmed it has won the bidding for AT&T Wireless.

Terms of the deal value AT&T at $15 (€11.66) a share or $41bn (€31bn) .

The companies expect to generate more than $1bn (€0.77bn) in operating expense and capital expenditure savings in 2006, and in excess of $2bn (€1.55bn) in annual savings beginning in 2007.