Jill. VOD non has a Pan USA, part of Europe network with someindication that they are comsidering a Q CDMA overlay in UK & Europe.
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Breaking News : Telecom
Mannesmann Accepts Vodafone's
$160 Billion Bid
By Jennifer Friedlin
TheStreet.com/NYTimes.com Staff Reporter
2/3/00 8:34 AM ET
After a tough battle to prevent a hostile takeover,
Mannesmann AG (MNNSY:Nasdaq ADR - news) of
Germany has agreed to Vodafone AirTouch Plc's
(VOD:NYSE ADR - news) $160 billion offer in a deal
the two companies are calling a merger, The New
York Times reported Thursday on its Web site,
nytimes.com.
According to the Web site, the companies are
expected to announce a deal at 4 p.m. in Dusseldorf
in which Mannesmann will control 49.5% in the
merged company, while Britain's Vodafone, the world's
largest mobile communications company, will control
51.5%.
Previously, Mannesmann Chief Executive Klaus Esser
insisted he would not accept any offer for less than
58.5% of the shares in the combined company.
Mannesmann's supervisory board will meet Thursday
afternoon to approve the deal.
Vodafone's shares surged 7% Wednesday in London
to 3.855 pounds ($6.1738), making the all-stock offer
for Germany's Mannesmann worth 342 euros
($333.69) a share, double Mannesmann's share price
six months ago. It is also close to the 350-euro level
Esser said reflected the true value of his company.
The New York Times reported that Esser would resign
from Mannessman if Vodafone takes control.
Esser, who fought a rigorous battle to prevent the
takeover, was under pressure from several board
members and shareholders to accept Vodafone's offer.
The final blow to Esser came on Sunday, when
Vodafone announced it had formed an alliance with
French media and utilities group Vivendi. Esser had
hoped to reach such a deal with Vivendi to boost its
wireless network. |
