GERMANY: VODAFONE/MANNESMANN MERGER LATEST скачать в хорошем качестве

GERMANY: VODAFONE/MANNESMANN MERGER LATEST

(14 Jan 2000) German/Nat In a last-ditch effort to fight off a hostile takeover bid by Vodafone, Mannesmann's chief executive is urging shareholders to block the merger. In a news conference in Dusseldorf on Friday, Klaus Esser claimed the merger would see the value of Mannesmann shares fall. He said the projected growth for Mannesmann shares over the next three years was greater than the growth which would be generated by the merger. The war of words between telecommunications giants Vodafone AirTouch and Mannesmann A-G has escalated. Both companies have taken out full-page newspaper adverts, billboard campaigns and television slots, ahead of the deadline for Mannesmann's response to Vodafone's hostile takeover bid. At a news conference in Dusseldorf on Friday, Mannesmann's chief executive argued that his company was growing at a rate greater than the growth which would be generated by the merger. He also claimed that Mannesmann was well ahead in innovation and market expansion. SOUNDBITE: (German) "There is no reason why the European company which improved its result by 70 per cent in '99 and will again grow again by 70 per cent in 2000, there is no reason why the performance of this company should be worse than the index which includes Deutch Telecom, BT Telefonica." SUPER CAPTION: Klaus Esser, Mannesmann Chief Executive The Mannesmann chief executive argues that the shares of the German company are worth almost 100 U-S dollars more each than what is being offered by Vodafone. SOUNDBITE: (German) "Why are our synergies higher than the synergies anticipated by Vodafone for the entire Vodafone Mannesmann combination? We have the feedback that this can't be true." SUPER CAPTION: Klaus Esser, Mannesmann Chief Executive Esser said he was confidence that with its expansion into internet on-line services and its current partnerships, Mannesmann's value was more accurately represented by its projected growth. Key to Mannesmann's argument is that within a year its shares will be worth 350 euros (360 US dollars) each, compared to Vodafone's offer of 258 euros (265 US dollars) per share. The company claims shareholders would benefit more by keeping their Mannesmann shares because the merger would see Mannesmann losing its British partner, Orange. Esser said Mannesmann was also considering putting its internet service - Europe's number three player - up for sale on the stock market. Friday was the deadline for Mannesmann to defend itself against Vodafone's bid - the largest hostile takeover attempt ever. It launched its defence with a ten-page advert in a German newspaper. Mannesmann has also set up a multilingual telephone hotline to answer shareholders queries. By midday on Friday, Mannesmann shares hit a record 250-point-2 euros (257 US dollars), resuming their upward course as German investors saw the chances of Vodafone's hostile bid ending up in failure. Mannesmann shareholders have until February 7 to accept the 139 (b) billion U-S dollar bid by Vodafone, considered by some to be the number one mobile phone company in the world. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...