Excel Communications Inc., Dallas, is pulling the plug on its thrift just six months after chartering it.

The long-distance phone company decided to ditch the charter because getting approval from banking regulators might have slowed Excel's $7 billion merger with Teleglobe Inc. of Montreal. The combined entity would have had to reapply to the Office of Thrift Supervision for a unitary thrift holding company charter, adding to the numerous approvals that the firms need from U.S. and Canadian regulators.

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