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

To: David Wiggins who wrote (2226)	12/20/1999 7:13:00 PM
From: MrGreenJeans	Read Replies (1) \| Respond to of 3175

Mannesmann Response to Vodafone AirTouch ('Vodafone') Statement DUESSELDORF, Germany, Dec. 20 /PRNewswire/ -- Mannesmann has noted Vodafone's statement today regarding the timing and terms of its Offer. It is a matter of extreme regret that Vodafone insists on pursuing this hostile route. At no time has Vodafone made a friendly approach with an offer acceptable to Mannesmann shareholders. Having reviewed the Vodafone statement, Mannesmann continues to reject the Offer since the case advanced by Vodafone is as unattractive as ever. It still fails to address the fact that a combined Vodafone/Mannesmann would grow considerably more slowly than an independent Mannesmann. It would destroy the unique strength of Mannesmann's portfolio, the strongest of any operator in Europe today. It would compromise Mannesmann's strategy for integrating wirefree, wireline and fast-growing internet and tele-commerce services that makes Mannesmann the fastest mover in new high growth business areas. It still has no strategic appeal to Mannesmann shareholders -- most significantly the combination would fail to offer control over assets in any single additional important market. It still contains no adequate financial incentive for Mannesmann shareholders. Mannesmann would contribute more than half of the growth to a combined business. An offer of 47.2% of the combined business for Mannesmann shareholders is completely inadequate. Mannesmann Chairman Klaus Esser said: ``Mannesmann's priority is the creation of increased value for our shareholders. This unnecessary and hostile approach would destroy value belonging to our shareholders. We must therefore continue to advise our shareholders to reject the Vodafone Offer in favour of our independent strategy to deliver superior value the Mannesmann way.'