Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: mmeggs who wrote (6296)	5/25/2000 2:34:00 PM
From: Paul Smith	Read Replies (1) \| Respond to of 15615

D.Telekom capital increase approved COLOGNE, Germany, May 25 (Reuters) - Deutsche Telekom AG won shareholder backing on Thursday to issue up to 1.5 billion shares over the next five years, arming itself with an acquisition currency as it seeks to cement a leading position in the global telecoms market. The authorisation will allow Telekom to increase its share capital by almost 50 percent from its existing 3.029 billion shares. The group said the new shares would be reserved for acquisitions and not listed on the stock market. At Telekom's current market price, the 1.5 billion new shares would be worth around 90 billion euros. The group's current market capitalisation is around 184 billion euros. Management also received shareholder authorisation to buy back shares, although the size of the approved buy back was not specified. Speaking at Telekom's annual shareholders meeting in Cologne, Chief Executive Ron Sommer reiterated the group's interest in expanding in the United States, where he has said Telekom wants to be as big in the long term as it is in Europe. But shareholders received no concrete answers to their questions about when Telekom will make the jump from ``local hero to global player''. ``I can only assure you emphatically that we are working at high speed,'' Sommer said of the internationalisation strategy. He said Deutsche Telekom, Europe's second-largest phone company after Britain's Vodafone AirTouch Plc (quote from Yahoo! UK & Ireland: VOD.L), could also generate acquisition currency by floating subsidiaries such as its T-Mobile cellphone unit which is expected to be listed this autumn.