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Credit: Reuters/Shannon Stapleton By Nadia Damouni and Diane Bartz NEW YORK | Thu Sep 1, 2011 9:13pm EDT NEW YORK (Reuters) - AT&T Inc is expected to soon present a proposed solution to U.S. antitrust regulators to salvage its planned $39 billion acquisition of smaller rival T-Mobile USA, according to people close to the matter. Even as the No. 2 U.S. wireless service provider gears up for a lengthy court battle against the Justice Department, AT&T is prepared to make concessions to address concerns that the T-Mobile deal is anti-competitive and could cause wireless prices to rise. This two-track plan will allow AT&T to try to find a settlement before the lawsuit reaches the court. "AT&T is pretty determined that they can find a solution, and they are pretty confident," one of the sources said, requesting anonymity as the talks are private. The U.S. government on Wednesday sued to block AT&T's purchase of T-Mobile USA, a deal that would vault the combined company above Verizon Wireless as the No. 1 player in the United States. If AT&T fails to defeat the lawsuit, it would have to pay T-Mobile parent Deutsche Telekom an estimated $6 billion in cash and other assets as part of the original deal. Details of AT&T's proposed settlement were not available, but it is expected to include pledges to maintain T-Mobile's relatively cheap mobile subscription plans, and asset sales. AT&T may have to sell up to 25 percent of T-Mobile's business, including airwaves and customers, two sources said, to address the government's concern that just three companies would control 90 percent of the U.S. wireless market if the merger goes through. Bob Doyle, a former antitrust enforcer now in private practice, said it would be difficult for AT&T to reach a settlement with the Justice Department as there would have to be divestitures on both the national and regional level. While there might be several buyers for regional assets, the only possible buyers for national assets are Verizon Wireless and No. 3-ranked Sprint Nextel Corp -- which could cause another round of antitrust scrutiny. "Verizon's a no go. Sprint may be a no go also," said Doyle. AT&T, led Chief Executive Randall Stephenson, declined to comment, referring questions to its previous statement that it believed in the merits of its deal and planned to fight the government's suit. JUDGE LIKES TO ACT QUICKLY U.S. District Judge Ellen Segal Huvelle in Washington, D.C., was selected at random to preside over the case, one of the biggest antitrust court battles in years. She has a reputation for speedy rulings, which would be welcome to AT&T compared with months or even years of uncertainty. For Deutsche Telekom, it has tried for years to find a way out of its T-Mobile business, and has no Plan B. AT&T has asked for an expedited hearing, and one source expects the case could go to court in two months. The carrier and regulators had been in preliminary discussions over divestures before the Justice Department filed its 22-page lawsuit on Wednesday. In those talks, AT&T had offered to divest up to 10 percent of T-Mobile assets. "That was part of the frustration in that AT&T expected that they would have had much more meaningful discussions and figure out where everyone was, and whether they could close the gap," the source said. AT&T wants another meeting with the Justice Department as soon as possible, but "I don't know if and when a new meeting is scheduled, given yesterday's news," said a person familiar with the discussions. Still, the Justice Department could prefer a settlement to avoid the risk of losing the case in court. "It is always scary to go off to litigation. I suppose there's a chance that the government could get cold feet," said Stephen Calkins, who teaches law at Wayne State University. Antitrust regulators have a mixed record in court. The Justice Department lost in 2004 when it tried to stop Oracle Corp's purchase of PeopleSoft Inc. It also failed to prevent SunGard Data System Inc's buy of Comdisco Inc in 2001 -- a case also presided over by Judge Huvelle. AT&T's lead antitrust attorney shepherding this deal is Richard Rosen of Arnold & Porter LLP, a former head of the communications section of the Justice Department's antitrust division. "He was the chief over there for many years and socializes with a lot of the staff over there. He's well known and respected," said a source close to the AT&T talks with Justice. Rosen was lead counsel in Cingular Wireless's $41 billion buy of AT&T Wireless, as well as AT&T's buys of Dobson Communications, Centennial Communications, and wireless properties divested by Verizon and Alltel. Deutsche Telekom also has antitrust star George Cary of Cleary Gottlieb Steen & Hamilton LLP, who argued for the U.S. Federal Trade Commission in its successful fight against the Staples merger with Office Depot in 1997. Since so few antitrust cases are litigated, Cary's success is unusual. "He's one of the best. He's exceptional. George Cary is the Lou Gehrig of antitrust," said David Balto, a former FTC policy director now in private practice. (Reporting by Nadia Damouni in New York and Diane Bartz in Washington, additional reporting by Carlyn Kolker, Peter Lauria and Nicola Leske, editing by Tiffany Wu, Gary Hill) Technology Deals Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (4) McBob08 wrote: It’s not enough for the government to just stop new trusts from forming; it needs to start breaking the harmful trusts that already exist, especially in the banks and financial field. America has too many monstrously-big corporations, and they’re gouging consumers due to the lack of competition and price control. Sep 01, 2011 9:20pm EDT -- Report as abuse MLRapson wrote: Yeah, but the problem there is that you have the free marketers that will cry out that busting monopolies and government regulation is against the free market. If a monopoly springs up, it’s only because the competitors weren’t good enough for the public to want! Or some rubbish like that. It’s almost like we need to revamp how Free Market Capitalism works if we want to avoid these exploitative big conglomerates that single-handedly possess the ability to tank our economy–at least in their given fields. Sep 01, 2011 11:27pm EDT -- Report as abuse M.C.McBride wrote: The US justice system at work. Now an unelected judge will decide the fate of thousands of workers and billions of dollars of value. I will laugh at AT&T if they hand over billions of dollars for nothing. And, I will be sad if T-mobile employees lose their jobs anyway because the corporate owners do not like competing in a “free market” and have long ago abandon them. Sep 01, 2011 11:31pm EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) 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