MCI, the US telecommunications group which agreed to be acquired for $8.5bn by Verizon earlier this week after rejecting a higher bid from Qwest, said on Thursday it hoped shareholders would vote on the proposed deal "this summer."

"We are working to complete our merger agreement with Verizon as soon as possible," said Michael Capellas, chief executive who was presenting MCI's first quarter results that included a $2m first quarter net loss and a sharp 12 per cent decline in year-on-year revenues.