Mannesmann Bosses Support Takeover

Sat., Feb. 5, 2000

From Staff

On Friday, the supervisory board at Germany’s Mannesmann AG recommended that the company’s shareholders approve a $180 billion deal to be bought by Vodaphone AirTouch, the product of a 2-1/2-month takeover battle that was unusually hard-fought by European standards.

The merger will form a global force in wireless communications with 42 million customers worldwide. The company will have a substantial U.S. presence through a new alliance between its AirTouch unit and Bell Atlantic’s mobile operations, but the new Vodafone’s true stronghold will be Europe, with 29 million customers and a No. 1 or No. 2 market position in 11 countries on the continent.

Still, since Europe is the most advanced market in terms of mobile phone use, the new company may hold considerable sway in forging a global standard for the robust wireless technologies that will be deployed in the next few years.

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Mannesmann Bosses Support Takeover

Jesse Tinsley

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