MCI Communications Corp. said it plans to...

MCI Communications Corp. said it plans to repurchase the 16.2% stake held by its largest shareholder, International Business Machines Corp. for $677 million. But MCI defrayed the cost and kept a link to IBM by saying it would sell IBM a new issue of $400 million in preferred shares. The shares will give IBM 10% of the voting rights in MCI. IBM acquired its stake in MCI in March, 1986, as part of its sale to MCI of Satellite Business Systems, a long-distance communications unit.