19 JULY 1997, Page 21

Sorry, wrong numbers

BRITISH Telecom is more surprised than I am. Harassed by regulators and menaced by chancellors, it was in a hurry to part with its money before the rats got at it. So last year it opted to spend f15 billion on buying MCI of America, and now it finds that the rats were there first. They have eaten great holes in the profit and loss account. As I observed at the time, dealmakers can always find a home for money, but finding a good home is harder. I can now offer BT three more items of homely advice. Calling the new venture Concert was asking for trouble, a company with two separate but equal chief executives is doomed to failure, and (as I keep saying) it's never too late to call time on a loser.