Vodafone Receives Shareholder Approval for Merger with AirTouch
BERKSHIRE, England--(BUSINESS WIRE)--May 24, 1999--Vodafone Group Plc (''Vodafone'') announces that at today's Extraordinary General Meeting, shareholders approved the proposed Merger with AirTouch Communications Inc. (''AirTouch'') which was first announced on 15 January 1999. Over 98 percent of the votes cast by shareholders were in favour of the Merger.
The Merger of Vodafone with AirTouch will create the world's largest mobile telecommunications company operating itself or through associate or investments in 23 countries with over 29 million proportionate customers. It will have significant presence in the United Kingdom, the United States, Continental Europe and the Asia Pacific region.
Under the terms of the Merger, AirTouch common shareholders will be entitled to receive, for each AirTouch common share held, 0.5 Vodafone AirTouch ADSs, (equivalent to five Vodafone Airtouch ordinary shares), plus $9 in cash.
Vodafone has now received clearance from the European Commission for the merger. It has given an undertaking to the European Commission to divest its interest in E-Plus Mobilfunk GmbH, as AirTouch has an interest in Mannesmann Mobilfunk (D2) in Germany.
The Merger is currently expected to be completed at the end of June or the beginning of July depending on when the various outstanding regulatory approvals and consents are received.
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