知情人士透露，德国电信股份公司（Telekom AG）与其美国子公司T-Mobile US Inc.合并的计划遇阻，令有望成为史上最大规模公开合并的交易蒙上阴影。
Telekom AG’s plans to combine with its American arm T-Mobile US Inc. have hit a snag, people familiar with the matter said, casting doubt on what would be the largest-ever public merger.
据知情人士称，这家德国电信巨头部分因工人委员会的抵制，决定暂不提交正式收购要约。这些人士因讨论属保密性质而拒绝透露姓名。知情人士表示，德国电信日后仍有可能决定推进要约。
The German telecommunications giant opted against submitting a formal bid for the time being, in part due to pushback from its works council, according to the people, who declined to be identified because the discussions are confidential. It is possible that Deutsche Telekom could decide to proceed with an offer at a later date, the people said.
T-Mobile股价今年已下跌近30%，市值约为1560亿美元。德国电信持有T-Mobile逾50%股份，为其最大股东。德国电信市值约为1220亿欧元（约合1360亿美元）。德国电信和T-Mobile代表均拒绝置评。
Shares in T-Mobile have fallen almost 30% this year, giving it a market value of around $156 billion. Deutsche Telekom is T-Mobile’s biggest shareholder with a stake of more than 50%. The German company has a market capitalization of roughly €122 billion ($136 billion). Representatives for Deutsche Telekom and T-Mobile declined to comment.
彭博新闻社4月曾报道，德国电信正就创建一家控股公司、对两公司股份发起股票要约举行早期磋商。该交易本将缔造全球最大电信公司，但当时已面临逆风。
Bloomberg News reported in April that Deutsche Telekom was holding early-stage talks about creating a holding company that would make a stock bid for both companies’ shares. A deal would have created the world’s biggest phone company but it was already facing headwinds.
彭博新闻社9月报道，激进投资者埃利奥特投资管理公司（Elliott Investment Management）在德国电信建立大量持仓，并施压公司放弃合并计划。
Activist investor Elliott Investment Management built a sizable stake in Deutsche Telekom and pushed the company to ditch the merger plan, Bloomberg News reported in September.
德国电信与T-Mobile渊源颇深。2001年，德国电信以560亿美元收购VoiceStream Wireless进军美国市场，并将其更名为其国际业务所用的T-Mobile品牌。2013年，德国电信又通过与美国较小电信公司MetroPCS的反向合并，使T-Mobile实现上市。
Deutsche Telekom has a long history with T-Mobile. It entered the US market in 2001, buying VoiceStream Wireless in a $56 billion deal and re-branding it under the T-Mobile name it used for its international business. It later listed the company through a reverse merger with a smaller US telecom company, MetroPCS, in 2013.