Around the World's Markets: Frankfurt

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MANNESMANN, the telecoms and engineering group that turned down a takeover offer by Vodafone AirTouch, dragged the Dax index 1.2 per cent higher to 5,859.

A weak start on Wall Street saw the blue chip index retreat from early highs, after it hit a a 15-month intra-day high - at 5,861.00 - for the third day running. .

Mannesmann's shares rose nearly 8 per cent to 199.60 euros as traders anticipated a hostile offer from its UK rival Vodafone.