Bermuda-based global fibre-optic networker Global Crossing has won the first round of the fight to buy US West and Frontier Corp in the US.

But some analysts say Qwest, a rival of Global Crossing, still has a chance to emerge as victors with at least one of the acquisition targets -- if it can sweeten its $33.6 billion share offer.

And Qwest's chairman yesterday boldly tried to lure US West into talks.

Microsoft Corp. owns a small stake in Qwest, the fourth biggest US long distance telephone company, which last week launched two surprise bids to snap up US West and Frontier Corp from suitor Global Crossing.

Both Qwest and Global Crossing would win from the target's local telephone connections to customers, and their wireless phone and data services.

For now local and long distance phone company Frontier Corp. has rejected Qwest's offer in favour of Global Crossing.

And although US West's board of directors on Monday said they were not interested in the Qwest deal, they raised analysts' eyebrows by saying they would continue to monitor the Qwest bid.

But the board also said US West still planned to merge with Global Crossing in the $31.2 billion deal. The fine print of that agreement shows US West would pay Global Crossing $850 million to break the pact.

And while at yesterday's share prices, Qwest's offer was worth a few more billion than Global Crossing's, there was no great margin between them to motivate the sought-after company to change tracks mid-race.

Analysts said yesterday Qwest could still win by adding cash or putting a "collar'' on it to keep it above a certain point regardless of Qwest stock drops.

"The next move has to come from Qwest. The only person who has to act at all is Qwest. US West and Frontier have reviewed the bids and decided to maintain their current course. To change the status quo, Qwest needs to act,'' one analyst said.

Qwest chairman Joseph Nacchio said in a letter to US West chairman Solomon Trujillo yesterday he was "disappointed'' by the rejection.

"We encourage the US West board to take all actions necessary to enter into discussions with us regarding our offer so that we can conclude a business combination that is in the best interests of US West's shareholders, customers and employees,'' he wrote.

A US West spokesman said the company was concerned about the volatility of Qwest stock which has dropped 18 per cent since the bids were announced. And there were worries that Qwest would not commit to US West's expansion plans.

With the Global Crossing deal, US West will gain access to the undersea and international fibre-optic communications networks Global Crossing is building.

US analysts said if Qwest wanted to win the bidding war it would have to address those concerns. If it could strengthen its offer or its make its stocks rebound to restore a higher value to the bid it could emerge as the victor.

Some analysts said Qwest had an advantage over Bermuda start-up Global Crossing since it had a longer track record, an experienced management team and existing operations.

Global Crossing only launched its initial public offering less than a year ago and has only relatively recently began to build its networks.