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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)
VOD 15.72+3.1%Feb 4 3:59 PM EST
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To: David Wiggins who wrote (2088)11/17/1999 4:45:00 AM
From: hl  Read Replies (1) of 3175
 
VOD has no alternatives.
With their hostile approach to Mannesmann they've reached the point of no return. So far, they own a stake in Germany's D2 and Italy's Omitel together with Mannesmann; they were allies. With this bid things have changed. Mannesmann will complete their buy out of Orange soon and they will attack VOD in their core market the UK. In my opinion Mr. Gent from VOD had only two choices: He could sell his minority assets in Italy and Germany and compete with Mannesmann in the UK, or he could launch a takeover for Mannesmann. He should be aware that most shareholders will not sell at an offer below 260 to 280 Euros a share. VOD can't offer too much stock, otherwise Mannesmann would get over 50 % of the combined company, politicians, trade unions and public opinion is clearly against VOD, Mannesmann still has an anti takeover voting limit of 5 % for a single shareholder, half of the supervisory board consists of members of trade unions, VOD hasn't the go ahead of the "big two in Germany's finacial system" Deustche Bank and Allianz, without their support all those fund managers will not sell, it could take half a year until VOD can launch a proxy fight in the AGM in the mean time VOD's shareprice could drop and then they loose support.
My intention is: When you can't get a friendly deal forget it. VOD has chosen the wrong company and the wrong country for this sort of deals.

Regards

Kai
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