WSJ: Qwest to Augment MCI Offer

Qwest Communications International Inc. is expected to raise its $8 billion offer for MCI Inc. this week in the ongoing bidding war between Qwest and Verizon Communications Inc. for the former WorldCom, the Wall Street Journal reported on Monday.

The Journal did not say by how much Qwest planned to increase its proposal.

Although Verizon initially announced plans to acquire MCI in a deal valued at $6.7 million, MCI said earlier this month it would review a revised bid by Qwest.

Either Qwest or Verizon will acquire a company whose sales have been falling precipitously for years. Annual revenue at MCI dropped 15 percent to $20.7 billion in 2004. The company said it expected revenue to fall this year by up to 14 percent.