BUSINESSWEEK ONLINE : DECEMBER 13, 1999 ISSUE
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INTERNATIONAL -- EUROPEAN BUSINESS

Who Could Be Next?


                   POTENTIAL       ESTIMATED
COMPANY            SPIN-OFF        IPO VALUATION

Deutsche Telekom   T-Online        $16 billion to $20 billion

Telecom Italia     Tin.it          $6 billion to $10 billion

France Telecom     Wanadoo         $14 billion to $15 billion


DATA: BUSINESS WEEK


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TABLE: Who Could Be Next?



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