Cingular noses ahead in AT&T bidding race

But a successful bid would stretch the refinancing ability of the wireless operator

by Hardeep Dhillon

Cingular Wireless last month approached AT&T Wireless, the number three US wireless operator, with a potential $30 billion takeover bid that would create America’s number one cell phone carrier.

Although a number of other firms, including NTT DoCoMo, Nextel and Vodafone, are believed to be interested in AT&T, analysts believe that Cingular is in the driving seat in the consolidation race. According to Steven Ricks, telecoms analyst at ABN Amro: “Cingular

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