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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)
VOD 14.24+0.5%Jan 26 3:59 PM EST
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To: Chuzzlewit who wrote (2178)11/26/1999 12:12:00 PM
From: MrGreenJeans  Read Replies (1) of 3175
 
RESEARCH ALERT-Vodafone started as "hold"
LONDON, Nov 26 (Reuters) - Commerzbank Global Equities said on Friday it had started coverage of British-based mobile phone company Vodafone Airtouch Plc (quote from Yahoo! UK & Ireland: VOD.L) with a ``hold' rating.

In a research note, Commerzbank said Vodafone's bid for Mannesmann AG made strategic sense for the UK company but warned that its current terms would dilute Vodafone's earnings by 19 percent in fiscal 2001 and by 28 percent and 12 percent in the following two years.

They set a value of 298 pence on Vodafone shares, little different from their current market value, adding that they did not see the current terms as being sufficient to win over Mannesmann shareholders.

``Vodafone is right to make an offer for Mannesmann,' the note said. ``If this bid fails, Mannesmann could marginalise Vodafone...in terms of competitive standing in Europe and consequently its relative attractiveness to corporate predators who believe in global consolidation.'

``From the Mannesmann perspective, Commerzbank thinks the bid level is too low and would be more appealing if it contained a reasonable cash element,' the note said. ``However, if it succeeds as it stands, Vodafone shareholders should benefit greatly.'
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