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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)
VOD 14.65-0.4%Jan 30 9:30 AM EST
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To: Chuzzlewit who wrote (2137)11/22/1999 8:00:00 AM
From: Art Bechhoefer  Read Replies (1) of 3175
 
Voting restrictions are part of German regulations, and not necessarily the result of any policies originating at Mannesmann. German regulations are designed to discourage foreign majority ownership of German companies, and so far very successfully. As last week's Economist pointed out, there NEVER has been a foreign hostile takeover of a major German company, and the odds against this one are high.

Unwillingness to accept an outside offer at a price considerably above earlier market value does not seem in itself an indicator of weak management. As a Vodafone shareholder, I ought to be entitled to know why VOD thinks the Mannesmann assets are worth so much. While VOD itself is quite well managed, especially the AirTouch component, I'm not convinced that biting off a chunk this big is something that ANY company can handle. I can point to dozens of large bank mergers, for example, that looked great because of the "synergy" (a favorite word of those favoring mergers), only to produce nothing more in terms of profits when put together than when run separately.

Bigger isn't always better!

The fact that VOD is exclusively wireless, and that new HDR technology will make wireless CDMA the technology of choice even in developed countries, makes me wonder why VOD would pay the kind of money it is offering for a concern that is only partly wireless.
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