BAN Banco Lat.8%Pfd

RNS No 6480a
GTE CORPORATION
14 April 1999

                                         Contacts:
                                         Peter Thonis, GTE
                                         972-507-5367
                                         peter.thonis@hq.gte.com   

                                         Susan Kraus, Bell Atlantic
                                         212-395-2355
                                         susan.kraus@bellatlantic.com


                       Bell Atlantic and GTE Outline
             Their Merger of Equals in Mailing to Shareowners

      Companies Issue a Joint Proxy Statement and Set Annual Meetings
                Which Include Merger Votes on May 18 and 19

NEW YORK and IRVING, Texas - The merger of equals between Bell Atlantic
Corp. (NYSE:BEL) and GTE Corp. (NYSE:GTE) will create one of the world's
premier providers of communications services in increasingly competitive
local, national and global markets, according to the joint proxy statement
and prospectus that the companies began mailing today to more than three
million shareholders.

In the cover letter included in the front of the joint proxy statement and
prospectus, GTE Chairman and CEO Charles R. Lee and Bell Atlantic Chairman
and CEO lvan Seidenberg say: "By combining, we will create a competitive
national communications provider with a full product line that can meet
changing customer requirements for additional capacity to access the
Internet and other data services, greater mobility, and national or even
global reach. The combined company will be able to grow more quickly and
achieve greater success than either of us could do on our own."

       Lee and Seidenberg note that "GTEs and Bell Atlantic's assets,
  markets, operations and strengths are highly complementary." Based on
  current figures and before adjusting for overlapping wireless
  properties, the combined company would be:

      -  One of the nation's leading providers of both wired and wireless
          communications, serving more than 60 million access lines and,
          following GTE's purchase of certain Ameritech wireless
          properties, about 13 million wireless subscribers.

     -  One of the largest facilities-based long distance companies.

     -  One of the largest Internet backbone operators and a major
          provider of related data and Internet services.

     -  The world's largest publisher of directory information, in both
          book and online form.

     -   A major presence in international markets, with investments or
          operations in more than 30 countries outside the U.S.

       GTE and Bell Atlantic shareholders will vote on the merger at their
  annual meetings, which will be held on May 18 and May 19, respectively,
  in Atlanta. Information about the merger and other matters to be voted
  on at the companies' annual meetings are included in the joint proxy
  statement and prospectus.

       The joint proxy statement and prospectus is being posted at 
    www.mergerinfo.com, the companies' merger Web site. Shareowners can grant
  their proxy to vote their shares by mail, by telephone or by the
  Internet. They may also vote in person at the annual meeting.
  Instructions on voting shares and links to Internet voting sites can be
  found at www.mergerinfo.com.

       Bell Atlantic and GTE announced in July 1998 that they planned a
  merger of equals. To date, more than half of the 50 state public utility
  commissions have either approved the merger or declined to assert
  jurisdiction over it. Regulators in other states and federal regulators
  are currently considering the merger.


END


MSCCCQCNADKDBQD

Banco Lat.8%Pfd (LSE:BAN)
Historical Stock Chart
From Jun 2024 to Jul 2024

Banco Lat.8%Pfd (LSE:BAN)
Historical Stock Chart
From Jul 2023 to Jul 2024