Sprint to Eliminate PCS Tracking Stock

Sprint Corp., the third-biggest U.S. long-distance telephone provider, will eliminate shares that track its PCS Group mobile-phone unit as the company seeks to simplify its structure for investors.

On April 23, each PCS Group share will be converted into half a share of FON Group, which tracks the rest of the company, Sprint said. The move will cost $100 million before taxes through 2005, Overland Park, Kan.-based Sprint said.

Restructuring the shares will make Sprint more alluring to a potential acquirer after rival AT&T; Wireless Services Inc. agreed two weeks ago to be bought, one analyst said.