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

To: Chuzzlewit who wrote (2236)	12/23/1999 12:21:00 PM
From: David Wiggins	Read Replies (1) \| Respond to of 3175

Mannesmann Replies to Latest Vodafone Airtouch ("Vodafone") Statements DUESSELDORF, Germany, Dec. 23 /PRNewswire/ -- The following statement was released today by Mannesmann AG: Mannesmann regrets that Vodafone's management has decided to deliver its hostile approach on Christmas Eve. What is more, Vodafone still fails to add anything of substance to its original, unsatisfactory offer announcement. Indeed, for Mannesmann shareholders the Offer as it stands today is 13 per cent less valuable than it was at announcement. Mannesmann shareholders have every right to be disappointed having waited so long for so little. This hostile offer still fails to begin to compensate them for the loss of Mannesmann's distinctive independent superior growth strategy which integrates wirefree, wireline, internet and tele-commerce activities -- a strategy Vodafone continues to show little or no understanding of. The outstanding potential of this integrated approach is demonstrated by Mannesmann's early performance in these areas. This underlines the significant future value Mannesmann shareholders are being asked to give away today. Having taken so long to file this increasingly unattractive Offer, Vodafone's new-found haste can only be interpreted as acknowledgement that the longer shareholders have to consider its terms, the less attractive it becomes. Following Mannesmann's December investor roadshow shareholders are becoming increasingly aware that accepting the Vodafone Offer would, amongst other things: Result in a combined business that would grow significantly more slowly than an independent Mannesmann; Fail to deliver control over telecoms assets in any single additional important market; Lead to the destruction of billions of Euros of value through the enforced demerger of Orange alone; Provide no adequate financial incentive to accept the Offer. As a result Mannesmann must continue to advise shareholders to reject an increasingly unattractive Vodafone Offer. Mannesmann will present its detailed reply to the Offer in the New Year.