Vodafone Responds to Mannesmann Buyout Rumors - Nov. 12, 1999

Reporter: David Speakman
Date: 11-12-1999

Company/Ticker/URLVodafone
Company #2Mannesmann
Company #3France Telecom
Company #4Orange
Company #5Nokia
Company #6Motorola

Headline: Vodafone Responds to Massamann Buyout Rumors


On Friday, Vodafone AirTouch, the largest cell phone company in the world, said it is looking to further develop it existing relationship with Germanys Mannesmann AG.

The statement was in response to reports that Vodafone was preparing to make a hostile takeover bid to buy Mannesmann for 100 billion dollars.

Mannesmann AG is the worlds third largest diversified industrial equipment manufacturer. It makes automotive, telecommunications, and engineering equipment as well as industrial tubing.

While Vodafone said it was interested in strengthening its relationship with Mannesmann, it did not rule out a takeover bid for the German company.

According to analyst reports, Vodafone may be interested in acquiring Mannesmanns telecom and engineering business to better compete with wireless competitors Nokia, and Motorola.

On Friday, Vodafone AirTouch closed down 8 1/2 %
While Mannesmann, which trades OTC was up 4 points at 187 dollars a share.

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News & Politics

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