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

To: Chuzzlewit who wrote (2487)	2/3/2000 5:44:00 PM
From: Chuzzlewit	Respond to of 3175

Thursday February 3 5:05 PM ET Mannesmann Paves Way for Vodafone Merger DUSSELDORF, Germany (Reuters) - Germany's Mannesmann AG (MMNGn.DE) Thursday said it was recommending an improved bid for the company from Vodafone Airtouch plc (VOD.L), paving the way for a merger of the two firms to a mobile phone giant. Mannesmann said in a statement: "Mannesmann has reached an agreement with Vodafone Airtouch which creates a path to a single company. It is Mannesmann's assessment that this reflects the will of Mannesmann's shareholders." Mannesmann said in a statement that the all-share offer on the table had been improved by about 5 percent. Mannesmann shareholders would now get 58.96 Vodafone shares per Mannesmann share, the company said. Under today's market conditions, this meant the bid was valued at about 353 euros per share, the company added. Chris Gent, chief executive of Vodafone Airtouch, confirmed to reporters that there was an improved offer on the table. Mannesmann's supervisory board has yet to recommend the deal and will meet on this Friday, the company said. The current recommendation comes from the management board and is based on a plan which will allow Mannesmann's stakes in fixed telephone line units Arcor and Infostrada to be maintained. The new company will also have joint headquarters in Dusseldorf and Britain.