There is a lot of business and balance sheet restructuring to be done that would benefit from being away from the public eye but, once complete, the price is a compact, good quality, highly cash generative company.

One of the aims will be to try and bring better understanding of each other's positions. We'll aim for balance ... It's not going to be anti-Western or anti-American.

Alltel is a strategic asset with regard to its wireless business and balance sheet. The same applies to Sprint as it partners with the cable companies. Qwest likely stays intact for the intermediate term, but is generating cash and has operational momentum.

Alltel is a strategic asset with regard to its wireless business and balance sheet. The same applies to Sprint.

We still believe it's very expensive. It's not a great business case. But we have to balance the market pull with regulatory requirements.

We believe this framework will enable Royal Mail to invest in the business, meet its obligations to the pension fund and build on these achievements going forwards.