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EU Approves Joint Venture: AT&T; Corp. and British Telecommunications won European Union approval for their planned multibillion-dollar joint venture after AT&T; agreed to reduce its British operations. AT&T; will sell its ACC long-distance phone unit in Britain and take steps to ensure it doesn’t use its 22% stake in Telewest Communications, the No. 2 British cable-TV company, to have an unfair advantage in the British market, said the European Commission, the EU executive agency. AT&T; stock closed at $80.38, down $1.31, on the New York Stock Exchange.