Newspaper wrap-up: Verizon Wireless may acquire Alltel

MAJOR PAPERS:

Verizon Wireless, a joint venture of Vodafone Group Plc (NYSE: VOD) and Verizon Communications Inc (NYSE: VZ), is in talks to acquire Alltel Corp. in a deal valued at about $27B, the Wall Street Journal reported. If successful, the combined companies would create the largest cellphone company, and would be better positioned to compete against AT&T Inc (NYSE: T).
Gregory B. Penner, the son-in-law of Wal-Mart Stores Inc (NYSE: WMT) chairman S. Robson Walton, is expected to join the company's board of directors, a move seen as the beginning of a leadership change at the company, according to the Wall Street Journal.
The Financial Times reported that Singaporean sovereign wealth fund Temasek refused to provide funds to Bear Stearns shortly before Bear's sale to JPMorgan Chase & Co (NYSE: JPM). Temasek reportedly refused the request for practical and political reasons.
Russia's Interior Ministry questioned the head of BP Plc's (NYSE: BP) Russian oil venture as part of a criminal investigation into possible large-scale tax evasion, the Financial Times reported.

Tags: alltell, ATT, bear stearns, bear stearns bailout, bear stearns cos bsc, BearStearns, BearStearnsBailout, BearStearnsCosBsc, BP, BP Plc, BpPlc, inc., jp morgan, jp morgan chase, jpm, JpMorgan, JpMorganChase, T, Temasek, verizon communications, verizon wireless, VerizonCommunications, VerizonWireless, VOD, vodafone, VZ, wal-mart, wal-mart stores, Wal-martStores, WMT

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