Editing BT Group (section)

==== MCI ====
In June 1994  BT and [[MCI Communications]] launched [[Concert Communications Services]] which was a $1 billion joint venture between the two companies. Its aim was to build a network which would provide easy global connectivity to multinational corporations.<ref>{{Cite web|url=http://www.washingtontechnology.com/news/9_14/news/9537-1.html|archiveurl=https://web.archive.org/web/20060607121754/http://www.washingtontechnology.com/news/9_14/news/9537-1.html|url-status=dead|title=MCI and British Telecom are getting a concerted jump on the competition but is being first enough?<!-- Bot generated title --> 27 October 1994|archivedate=7 June 2006}}</ref>

This alliance progressed further on 3 November 1996 when the two companies announced that they had agreed to a merger, creating a global telecommunications company called Concert plc. The proposal gained approval from the [[European Commission]], the [[US Department of Justice]], and the [[US Federal Communications Commission]] and looked set to proceed.<ref>{{cite web|url=http://ec.europa.eu/competition/mergers/cases/decisions/m856_19970514_600_en.pdf|title=Commission Decision of 14 May 1997 declaring a concentration to be compatible with the common market and the functioning of the EEA Agreement|publisher=European Commission|access-date=2 March 2019|archive-url=https://web.archive.org/web/20190306042701/http://ec.europa.eu/competition/mergers/cases/decisions/m856_19970514_600_en.pdf|archive-date=6 March 2019|url-status=live}}</ref>

However, in light of pressure from investors reacting to the slide in BT's share price on the [[London Stock Exchange]], BT reduced its bid price for MCI, releasing MCI from its exclusivity clause and allowing it to speak to other interested parties.<ref name="FindArticles.com - CBSi">{{cite web|url=http://findarticles.com/?noadc=1|title=FindArticles.com – CBSi|website=findarticles.com|access-date=14 March 2019|archive-url=https://web.archive.org/web/20040814080003/http://www.findarticles.com/p/articles/mi_m0FCO/is_1_5/ai_101337651|archive-date=14 August 2004|url-status=live}}</ref> On 1 October 1997, [[Worldcom]] made a rival bid for MCI which was followed by a counter-bid from [[GTE]].<ref>{{cite web|url=https://www.nytimes.com/|title=Breaking News, World News & Multimedia|website=[[The New York Times]]|access-date=14 March 2019|archive-url=https://web.archive.org/web/20140108144641/http://www.nytimes.com/|archive-date=8 January 2014|url-status=live}}</ref>

BT sold its stake in MCI to Worldcom in 1998 for £4,159 million. As part of the deal, BT also bought out from MCI its 24.9% interest in Concert Communications, thereby making Concert a wholly owned part of BT.<ref>{{cite magazine|url=https://money.cnn.com/1997/11/10/deals/worldcomwins/|title=WorldCom wins MCI|date=10 November 1997|magazine=Money|access-date=2 March 2019|archive-url=https://web.archive.org/web/20190306044741/https://money.cnn.com/1997/11/10/deals/worldcomwins/|archive-date=6 March 2019|url-status=live}}</ref>

The reaction to the failure of the deal in the City of London was critical of then Chairman [[Iain Vallance]] and CEO [[Peter Bonfield]], and the lack of confidence from the failed merger led to their removal.<ref>{{cite web|url=http://www.aurorawdc.com/mciworldcom.htm|title=MCI and WorldCom – How British Telecom Fell Short at Competitive Intelligence – AuroraWDC.com Competitive Intelligence, Knowledge Management, Market Research, Competitor Analysis|website=aurorawdc.com|access-date=14 March 2019|archive-url=https://web.archive.org/web/20160303172412/http://www.aurorawdc.com/mciworldcom.htm|archive-date=3 March 2016|url-status=live}}</ref>