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Factual background: Telekom is with some 67 Bill Euro deeply in the red. Some 15.000 people are expected to get fired. A possible Microsoft purchase would account for 3-4 Mill Euro.
Also Telekom Boss Ron Sommer and Microsoft's Steve Ballmer have been very very friendly as of lately, with new cooperations already settled.
Speculative background: To strengthen it's position in competition with AOL, MS could need a partnership with a really large access provider.