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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)

VOD 14.17

+1.6%

Jan 23 9:30 AM EST

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To: MrGreenJeans who wrote (2183)	11/28/1999 2:38:00 PM
From: Chuzzlewit	Read Replies (1) of 3175

Mannesmann's Board Discusses Bid DUESSELDORF, Germany (AP) - Members of Mannesmann AG's supervisory board say they won't vote against a takeover bid from Britain's Vodafone Airtouch PLC (NYSE:VOD - news) if they believe in its strategy for integrating mobile and fixed-line telephone networks. The supervisory board met Sunday evening to discuss the $125 billion takeover plan in detail. If the board were to reject the offer, the result would be an all-out battle for control of Mannesmann - the biggest hostile takeover attempt ever. Members of the board - which includes the chairmen of DaimlerChrysler, Deutsche Bank and Allianz - told the Welt am Sonntag newspaper that they would be carefully going over the bid from Vodafone to decide if it is in the interests of shareholders. If they agree with Vodafone chief executive Chris Gent's concepts about the future direction for the telecommunications industry, the board members said they wouldn't block a potential takeover, the newspaper reported. Mannesmann has twice rejected buyout offers from Vodafone, the world's largest mobile phone company. Chairman Klaus Esser has said he believes the company's strategy of integrating fixed-line and mobile operations is superior to Vodafone's sole focus on wireless communications. Gent has said he believes a friendly merger is still possible. In a report Saturday, Gent also said he wants the resulting company to be based in Duesseldorf - where Mannesmann's headquarters are now. Hostile takeovers are almost unheard of in Germany, and politicians and labor leaders here have decried Vodafone's attempt. Vodafone has said it will make it formal offer to Mannesmann shareholders next month.

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