AT&T Wireless Communications Inc. has rejected a $1 billion offer for its 34.1 percent stake in the Rogers wireless phone company from longtime partner Rogers Communications, reports the Associated Press.

Rogers Communications currently owns about 56 percent of Rogers Wireless, and about 10 percent of the wireless company’s shares are publicly traded. Even if AT&T Wireless and Rogers Communications don’t agree on a price, Rogers says that under an agreement between the two companies AT&T Wireless can’t sell more than five percent of the mobile phone firm to any other investor.

Reading this report, one thing that comes to mind: sometimes even if you show them the money, it does not work out as planned. Secondly, ATTWS is prettty confident that things with Cingular will work out… eventually!

Elsewhere, Microcell told Telus: take a hike. Oh it must be the NHL Playoffs that are making the Canadians a tad cocky!