PUC Approves WorldCom-MCI Merger

California regulators issued a preliminary report approving WorldCom’s $37-billion purchase of MCI Communications Corp., without conditions. The draft decision, issued by the Public Utilities Commission, will be open for discussion at a public hearing Aug. 24, with a commission vote expected Aug. 31. Meanwhile, WorldCom said it expects to post a one-time charge of $6 billion to $7 billion to cover in-process research at MCI and may incur other big write-offs as the combined firm restructures. The merger, cleared last month by antitrust officials in the U.S. and Europe, needs approval from the Federal Communications Commission. In Nasdaq trading, WorldCom shares fell 44 cents to close at $52.19; MCI shares fell 44 cents to $63.50.