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Technology Stocks : Vodafone-Airtouch (NYSE: VOD) -- Ignore unavailable to you. Want to Upgrade?

To: Art Bechhoefer who wrote (2153)	11/23/1999 7:30:00 AM
From: MrGreenJeans	Read Replies (1) \| Respond to of 3175

Vodafone sees key Mannesmann stake soon - paper FRANKFURT, Nov 23 (Reuters) - Vodafone (quote from Yahoo! UK & Ireland: VOD.L) Chief Executive Chris Gent told a German newspaper that he expected to soon acquire a majority stake in German telecoms and engineering group Mannesmann AG . Gent said in an interview in Tuesday's edition of business daily Boersen Zeitung that ``a substantial number' of Mannesmann shareholders view Vodafone Airtouch Plc's takeover offer for Mannesmann as ``very positive.' He said that after talks with about a quarter of Mannesmann shareholders it had become clear that a great many were prepared to swap shares in Mannesmann for Vodafone. Vodafone is offering 53.7 of its own shares for every Mannesmann share in a revised 124 billion euros all-paper bid.

To: Art Bechhoefer who wrote (2153)	11/23/1999 7:35:00 AM
From: MrGreenJeans	Read Replies (2) \| Respond to of 3175

Hutchison Says It Supports Mannesmann Rejection of Vodafone Takeover Offer By Biddy Chan Hutchison Supports Mannesmann's Rejection on Vodafone (Update1) (Adds analyst comment, share prices, background.) Hong Kong, Nov. 23 (Bloomberg) -- Hutchison Whampoa Ltd., a Hong Kong company set to become the single largest shareholder of Mannesmann AG, said it supports a decision by the German telephone company to reject a hostile takeover bid from Vodafone AirTouch Plc. Hutchison will hold 10.1 percent of Mannesmann, Germany's biggest wireless phone company, as part of an agreement to sell its control in Orange Plc to Mannesmann. The offer to buy out Orange became unconditional today after Mannesmann received acceptances for 74.9 percent of shares in the U.K. mobile phone company. ``Jointly with Orange, Mannesmann will be an outstanding company and better positioned than Vodafone for the future opportunities in the telecom business,' Hutchison's Managing Director Canning Fok said in a statement. Mannesmann, which is fighting a hostile takeover bid from Vodafone, offered to buy Orange for 23.5 billion pounds ($38.1 billion) in stock, cash and assumed debt. It now holds 898.3 million shares, or about 74.9 percent of Orange's share capital. The figure includes Hutchison's 44.8 percent stake. Vodafone, the world's largest provider of wireless services, is offering 131 billion euros ($135 billion) in stock and assumed debt for Mannesmann in what may be the biggest hostile takeover ever. The U.K. company raised its offer for Mannesmann last week by 14 percent to 232 euros a share after an proposal was rejected by Mannesmann days earlier. For Hutchison, ``It doesn't really matter whether the Vodafone bid succeeds or not,' said Alice Leung, an analyst at Worldsec International Ltd. in Hong Kong. ``The key of the issue is the market valuation for its stake in Mannesmann.' Vodafone is concerned it could be left behind as Mannesmann, which already controls two of Europe's three largest cellular networks, takes over rival Orange. It was forced to go directly to Mannesmann shareholders after the German company's chief executive, Klaus Esser, said any new offer would be unacceptable. Hutchison said it will hold its stake in Mannesmann for at least 18 months as part of the agreement to sell Orange to Mannesmann. The company ``has made clear that it considers its stake to be a long-term strategic investment,' Fok said. Hutchison has said it intends to develop a global telecoms network. The Orange sale has enabled it to quickly expand its footprint from the U.K. to most parts of Europe. Goldman, Sachs & Co., Dresdner Kleinwort Benson and HSBC Holdings Plc advised Orange. Merrill Lynch & Co. and Morgan Stanley Dean Witter & Co. advised Mannesmann. Hutchison shares rose 2.6 percent to HK$97.25 in Hong Kong trading today. The stock surged 27 percent since the Orange sale was announced one month ago, a move that was followed by Vodafone's first bid. Mannesmann shares were recently quoted at 183 euros, down