New Vodafone-Mannesmann Bid Expected by End of Week - Nov. 16, 1999

Reporter: David Speakman
Date: 11-16-1999

Company/Ticker/URLVodafone AirTouch
Company #2Mannesmann
Company #3Orange PLC
Company #4Bell Atlantic
Company #5
Company #6
Company #7
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Headline: New Vodafone-Mannesmann Bid Expected by End of Week


Vodafone AirTouch plans to launch a new bid for German wireless and industrial giant Mannesmann AG by the end of the week.

IN a Tuesday press conference, Vodafone CEO Chris Gent, told reporters, QUOTE If we cant reach agreement with them, we would go hostile.

Mannesmann is the No. 1 cell phone company in Germany a estimated to grow from 70 billion in annual sales this year to 100 billion by 2003.

Over the weekend, Mannesmann management rejected a stock buyout offer from Vodafone worth 106 billion US dollars

According to analysts, a hostile bid, if successful, could easily eclipse this years record 129 billion dollar MCI WorldCom Sprint merger.

Mannesmann trades over the counter in the U-S, but was up 3 ¼ points in German trading.

On Tuesday, in the European market Vodafone was trading down 19 points - almost 7% - in London.
In the U-S Vodafone AirTouch closed trading at 47 ½ on Monday.

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News & Politics

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