FT 2/4 MANNESMANN: Esser wins guarantees on future strategy
By Ralph Atkins in Dsseldorf
Mannesmann's deal with Vodafone secures the German group's shareholders 49.5 per cent of the combined group. Klaus Esser, Mannesmann chairman, also won a number of guarantees on future strategy. The deal is still subject to approval by Mannesmann's supervisory board today.
Most importantly, Vodafone agreed that Mannesmann's strategy of integrating mobile and fixed line networks, particularly in the area of data products and telecommerce, would continue.
The UK group also made clear that Mannesmann's stakes in Arcor and Infostrada, the German and Italian fixed line businesses respectively, would not be sold.
To help further in winning over local support, especially among unions, Vodafone agreed that Dsseldorf would be one of the two headquarters for the combined business's European telecoms activities. Plans drawn up by Mannesmann to float its engineering and automotive businesses, scheduled for mid-year, would take place as envisaged.
Finally, in its statement released on Thursday night, Mannesmann pledged to support the integration process of the combined company. Mr Esser has agreed to help manage the integration. |
