Today in the Fortune 500: AT&T agrees to buy T-Mobile, Citi aims to return money to shareholders and Wal-mart revamps its U.S. sales strategy

March 21, 2011, 7:42 PM UTC
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The Fortune 500 comes out just once a year, but the companies on it make headlines every day. Here then are today’s highlights of news and happenings coming from the biggest names in business.

By Shelley DuBois, reporter

AT&T WANTS TO BUY T-MOBILE from Deutsche Telekom for $39 billion, which would make the combined company the biggest wireless carrier in the country. Regulators are scrambling to make sure that the deal wouldn’t give AT&T (T) an unfair advantage in the telecom market. [New York Times]

CITI WANTS TO BOOST ITS STOCK PRICE by offering a 1-for-10 reverse stock split, and bringing back its quarterly dividend. It’s all part of Citigroup’s (C) plan to start giving money back to its shareholders next year–its stock will start trading at the adjusted price on May 9. [CNNMoney]

WAL-MART GETS LOW and also urban to try to get back its core customers. Wal-mart’s (WMT) head of its U.S. division, William Simon, says the company will need to reduce prices and put up smaller stores in urban locations to improve lagging U.S. sales. [Wall Street Journal]

IN THE MEDIA Though Google executives insist that the company manages media and doesn’t produce it, Google (GOOG) has ramped up parts of its business that make it look more like a media company. For example, Google may be setting aside $100 million worth of funds for celebrity “channels” on YouTube. [New York Times]

BOEING’S NEW JET completed its maiden flight on Sunday–which the two test pilots deemed a success. The aircraft is the latest version of the 747 passenger jet, and its test run marks Boeing’s (BA) third maiden flight for a new commercial plane in the past 15 months. [Wall Street Journal]

CONAGRA’S CAMPAIGN AGAINST CHILD HUNGER is gaining momentum, as the company adds social media, bloggers and digital advertising to educate people about child hunger in America. The campaign, called “Child Hunger Ends Here,” is a new spin on a long-term effort by ConAgra (CAG) to fight child hunger. The company has given $35 million to the cause since 1993. [New York Times]