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AT&T's big merger blocked
AT&T大筆吞并受阻
Tripped at the altar
功虧一簣
RANDALL STEPHENSON has no time for doubts.
蘭德爾?史蒂芬森沒有時間疑慮。
In March, when the boss of AT&T, America's second-biggest mobile-phone operator, declared that his firm would buy T-Mobile USA, the number four, for a whopping $39 billion, he seemed convinced that the deal would pass antitrust muster.
3月，當美國第二大手機運營商AT&T老總宣布將以390億美金收購第四大的T-Mobile USA時，他似乎相信這筆交易會通過反壟斷的審批。
This is an intensely competitive marketplace,he said.
這是一個競爭激烈的市場他說，
When you a watch a show or a football game, what dominates the airwaves?
當你在看一個節目或者足球賽時，什么主宰著電波？
It's advertising for the mobile marketplace.
是移動市場的廣告。
Mr Stephenson's optimism was misplaced.
在這件事上，史蒂芬森樂觀錯了。
On August 31st America's justice department filed a suit to block the proposed merger, arguing that it would substantially reduce competition for mobile services in America.
8月31日美國司法部提出訴訟要阻止吞并，并稱這將會實質性的減少美國手機服務的競爭。
This does not mean that the deal is dead—yet.
但是，還不能說這筆交易告吹。
But to salvage it, AT&T must fight a long battle in court at a time when the Obama administration is signaling a tougher approach to antitrust enforcement.
但是，在奧巴馬發出指示嚴厲打擊企業壟斷行為之際，AT&T公司若要挽回這筆交易，則需要在法庭上打一場長期戰。
Or it must accept painful conditions in a settlement.
或者它只能忍痛接受和解條款。
Critics say the merger would create a predatory duopoly: AT&T and its main rival, Verizon, would have a combined share of about 80% of America's wireless market.
評論家說吞并會導致兩家爭霸的局面：AT&T和它的主要對手Verizon將占據美國無線市場80%的份額。
Nonsense, retorts AT&T. The merger would be good for consumers:
胡說，AT&T反駁道。吞并對于消費者來說則有利可圖：
it would give them a choice between two strong national companies; it would let the firm expand its fourth-generation networks, not least in rural areas; and it would alleviate the shortage of radio spectrum.
這將使得消費者可以在兩個全國大公司中做出選擇；使公司擴展4G網絡（，并且可以緩解無線電頻譜短缺。
After five months of digging, America's antitrust regulators disagree. They reckon the merger would result in higher prices, fewer choices and lower quality products for mobile wireless services.
經過五個月的仔細琢磨，美國反壟斷調查機構否決了這比交易。他們認為吞并會導致手機無線服務漲價、選擇面減少并且質量下降。
Unless it is blocked, says James Cole, a deputy attorney-general, consumers will suffer.
如果不否決這比交易，消費者將受到損失。副司法部長James Cole如是說。
Regulators are particularly worried that the takeover would eliminate a disruptive competitor.
調查機構特別擔心收購會消除一個能瓜分市場的對手。
T-Mobile has a history of cutting prices aggressively.
T-mobile有著大幅降價的歷史，
It was also the first carrier to offer wireless e-mail, the latest high-speed networks and a smartphone using the Android operating system.
它也是第一個提供無線電子郵件服務，最新高速網絡與Android系統的智能手機的運營商。
The justice department doubts that the deal would yield efficiencies to outweigh its negative impact.
司法部懷疑這筆交易產生的市場效益將超過其帶來的不利影響，
And it argues that AT&T could improve its services simply by investing in its own network, rather than by removing a competitor.
并且認為AT&T若要提高其服務質量，只需要投資改善自己的網絡即可，不需消除一個競爭對手。
An accidentally leaked AT&T document suggests that this would be cheaper:
一份意外泄漏的AT&T文件上說，這么做會更加便宜：
the firm does not need T-Mobile's spectrum and needed to invest only $3.8 billion to catch up with Verizon's 4G coverage.
公司不需要T-Mobile的頻譜，只需要投資38億美元即可趕上Verizon公司4G的覆蓋率。
See you in court
法庭上見
The early signs are that AT&T is ready to fight.
早期現象是AT&T打算力爭，
About an hour before the suit was announced, the firm said that it would bring 5,000 call-centre jobs back to America from offshore after the deal is approved.
在訴訟宣布的一個小時前，公司說如果這筆買賣獲得批準，它將從國外帶給美國本土5000個呼叫中心的職位。
Later, it vowed to see the government in court.
不久它就發誓要和政府在法庭上見。
In July it hired investment bankers, signalling that it is willing to divest assets to gain regulatory approval.
七月，它雇傭了投資銀行，意味著它愿意剝離資產以獲得調查機構的準許。
Whether all this will be enough to save the deal is unclear.
這么做是否可以挽救這筆交易尚不清楚。
Shortly before the suit was announced, a poll of telecoms experts by Stifel Nicolaus, a research firm, found that less than half expected the marriage to be approved.
在宣布訴訟的不久前，由Stifel Nicolaus進行的電信專家意見調查發現，不到一半人認為這場并購會得到許可。
Julius Genachowski, the chairman of the Federal Communications Commission, which must also give its blessing, seemed to back the DOJ's stance.
并購需要聯邦通訊委員會的首肯，但是其主席Julius Genachowski似乎支持司法部的立場。
If the justice department were to succeed in blocking the takeover, that would be quite a blow for Mr Stephenson and AT&T.
如果司法部分成功阻止的吞并，這將對史蒂芬森與AT&T是個不小的打擊。
But there would also be some happy faces.
但是也有人對此欣然自得。
The prospects of Sprint Nextel, America's third-biggest wireless carrier, would suddenly be rosier:
美國第三大無線運營商Sprint Nextel的前景瞬間變得明朗：
its shares rose by around 7% on the news.
接到消息后，其股價上升了7%。
And T-Mobile USA, which is owned by Germany's Deutsche Telekom, may get another lease of life.
德國德意志電信公司的T-MobileUSA可以得到繼續生存的機會。
If the deal is blocked, it will get a break-up fee of $3 billion, a chunk of spectrum and a favourable roaming agreement. Being jilted at the altar can be lucrative.
如果這筆交易受阻，該公司將獲得30億的分手費、一大批波段以及有利的漫游協議。在婚禮上被甩也可以帶來好處。
