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

To: MrGreenJeans who wrote (2192)	11/30/1999 7:54:00 AM
From: MrGreenJeans	Read Replies (2) \| Respond to of 3175

Esser takes heat out of 'political' bid BY CLIVE MATHIESON MANNESMANN yesterday kicked off its takeover defence with an attempt to defuse the tense political atmosphere engulfing Vodafone AirTouch's œ83 billion hostile bid. Klaus Esser, executive chairman of Mannesmann, was in London for the first leg of his two-week institutional roadshow to convince Mannesmann shareholders that they would be better off rejecting the unsolicited Vodafone bid and holding on to their shares. "If shareholders want to get richer, they get richer with the better strategy," Dr Esser said. "It is clear that the value of Mannesmann is significantly higher than the offer on the table by a wide margin." Dr Esser said Mannesmann's strategy of integrated fixed-line and mobile telephony would deliver superior shareholder value and growth than Vodafone. Mannesmann said that its earnings before interest, tax, depreciation and amortisation would grow at more than 30 per cent a year through to 2003. Vodafone's all-share offer has sparked a wave of nationalistic protests. But Dr Esser played down the nationalist sentiment, saying the takeover was a matter for shareholders. He said he had not seen signs of anti-foreign sentiment in the German protests, and blamed the media for turning "anti-hostility" protests into nationalism. Jim McCafferty, analyst at SG Securities, said Mannesmann's growth forecasts were conservative. He said: "Vodafone needs Mannesmann more than Mannesmann needs Vodafone. But at the end of the day shareholders have got to be commercial. The offer is far more attractive than the current Mannesmann share price and unless that gap narrows then Vodafone has got a very good chance." But analysts generally are divided on whether the message will be enough to sway shareholders. Mannesmann shares rose 2 per cent, while Vodafone fell 3p to 295 1/4p. P.S. This will be my last post here for a couple of weeks. Paris awaits. MGJ