There are lots of reasons to question Deutsche Telekom's $46.5-billion bid for VoiceStream, ranging from political objections to its steep valuation of the American firm's customers. But one of the most serious has hardly been mentioned. Deutsche Telekom wants VoiceStream in part to win an American licence for the next generation of wireless services, known as 3G, which will carry broadband data as well as voice. Those licences are due to be auctioned this September; the bid registration deadline is next week. But most of the licences may be virtually worthless for some time—and with them any hope for 3G spreading through America anywhere near as quickly as it takes hold in Europe and Asia.
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