Application for merger withdrawn

Application for merger withdrawn

WASHINGTON

Acknowledging the mounting difficulties in obtaining government consent for their proposed merger, AT&T Inc. and the parent company of T-Mobile USA Inc. said Thursday that they had temporarily withdrawn their application to the Federal Communications Commission and will focus first on battling the Justice Department for approval of the deal.

AT&T also said it expected to take a pretax accounting charge of $4 billion in the fourth quarter “to reflect the potential breakup fees” it would have to pay to T-Mobile parent Deutsche Telekom AG of Germany if the deal is not approved.

The announcements reflect the growing unlikelihood that the huge telecommunications deal will ever go through.

On Tuesday, FCC Chairman Julius Genachowski came out against AT&T’s proposed $39 billion purchase of T-Mobile. He moved to refer the deal to an administrative law judge for a hearing that could sink its approval.

Oil near $97 amid light trading volume

Oil prices rose to near $97 a barrel Thursday amid lower U.S. crude inventories and light trading volume because of the Thanksgiving holiday.

By early afternoon in Europe, benchmark crude for January delivery was up 79 cents at $96.96 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.84 to settle at $96.17 in New York on Wednesday.

In London, Brent crude for January delivery rose $1.03 to $108.05 a barrel on the ICE Futures exchange.

Markets in the U.S. were closed Thursday for Thanksgiving.

Crude has fallen from above $103 last week amid investor concern that Europe’s debt crisis will undermine global economic growth and oil demand.

Court refuses US Steel appeal

TORONTO

The Supreme Court of Canada said Thursday it will not hear a case that pitted the Canadian government against Pittsburgh-based steelmaker United States Steel Corp. over the company’s 2007 purchase of Ontario-based Stelco Inc.

Canada took U.S. Steel Corp. to court last year to meet commitments it made in 2007 on capital spending, production and research and development spending in Canada in return for approval to buy the former Stelco Inc.

Seeking a court order to force a company to maintain job and capital-spending commitments is an unusual step for the Canadian government. But it reflects growing unease about the takeover of Canada’s steel and mining industries and whether foreign owners will keep industrial jobs in the country.

U.S. Steel Canada shut down most of its Canadian operations in southern Ontario months after it purchased Stelco, affecting about 1,500 employees, because of weak markets. The company since has recalled some workers.

From wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 21.00 —.20

Avalon Holdings,2.621—.08

Clear Channel, .65 54.17 —.90

Cortland Bancorp, 7.00.00

Farmers Nat.4.30 —.13

First Energy, 2.20, 41.86—.83

FirstMerit Corp., .64,13.04 —.47

First Niles Financial, .32,7.20.00

First Place Fin., .44.10

FNB Corp., .48,9.80—.43

General Motors,20.24—.49

General Electric, .60,14.73—.26

Motors Liquidation, .0422.00

Huntington Bank, .16, 4.69—.14

JP Morgan Chase, 1.00,28.38—1.03

Key Corp, .12,6.67—.10

LaFarge, 7.66 —.34

Macy’s, .40, 29.56—.92

Parker Hannifin, 1.48, 75.87—2.16

PNC, 1.40,48.88—1.33

RTI Intl. Metals,23.10—1.19

Simon Prop. Grp.,3.20,115.78—3.32

Stoneridge 6.37 —.33

United Community Fin. .91—.05

Selected prices at 4 p.m. Wednesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.